BackFoxconn subsidiary invests in mobile technology company MoMagic
FIH Mobile, a subsidiary of Foxconn Technology Group, said it has acquired 10% stake in MoMagic Technologies through FHI's unit Wonderful Stars
Premium
Bengaluru: FIH Mobile Ltd, a subsidiary of Foxconn Technology Group, on Monday said that it has acquired 10% stake in mobile technology provider MoMagic Technologies Pvt. Ltd. through its (FHI’s) subsidiary Wonderful Stars Pte. Ltd.
The New Delhi-based company, started in 2011, plans to use the money raised through stake sale for expansion. It works with phone manufacturers, app developers and enterprises to ensure better marketing and consumer reach for phone applications.
Chipset manufacturer MediaTek Inc. is an existing investor in the company. “MoMagic is one of the very early companies in which MediaTek invested and continues to be a stakeholder. With the FIH investment, we see MoMagic advancing its technological and business edge and expanding as a market leader," said Grant Kuo, managing director of Indian operations, MediaTek, in a statement.
“MoMagic’s growth has been based on strong business foundations and with FIH’s investment, those fundamentals are further strengthened. We see FIH’s investment as a catalyst for achievement of our business vision and aggressive expansion plans, and our goal to be amongst the key players in the growing smartphone and mobile Internet market," said Arun Gupta, chief executive officer, MoMagic.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
