Foxconn unit invests in India's MoMagic to tap smartphone market

Picks 10% for an undisclosed sum in the Indian mobile internet firm

FIH, a unit of Taiwanese technology firm Foxconn has picked 10 per cent in MoMagic, a mobile internet firm in Delhi, for an undisclosed sum. The investment is to further strengthen FIH's business presence in India, and as part of the two companies' shared goal of tapping significant business opportunities in the world's fastest-growing mobile Internet and smartphone market.

The investment in MoMagic is being made by FIH's subsidiary, Wonderful Stars Pte. Ltd, the Indian company said in a statement. Taiwanese chipmaker MediaTek Inc is an existing investor in MoMagic.

MoMagic works across all the widely-used mobile platforms and in the area of mobile Internet services, offering technology-backed innovative and analytically-driven marketing solutions to enterprises, startups and e-commerce players as well as better reach and service to customers

"Our investment in MoMagic Technologies is in line with our Group's goal of strengthening FIH's ability to tap the huge potential of the country's emerging mobile Internet and fast-growing smartphone markets," said Charles Pan, Special Assistant to Chairman & Chief Investment Director, FIH Mobile Ltd. FIH is an end-to-end design to manufacturing and after sales service provider for mobile makers globally.

"MoMagic is one of the very early companies in which MediaTek invested and continues to be a stakeholder. The company has seen exponential growth in the last two years and is standing on strong business fundamentals and values," said Grant Kuo, Managing Director of Indian operation, MediaTek Inc. Taiwan.

"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, CEO and Founder MoMagic Technologies