HMD Global raises $100 mn

HMD Global, which designs and sells Nokia brand of phones, today said it has raised USD 100 million from Geneva-based Ginko Ventures and other investors to scale its business operations.

"This round of investment has been led by Geneva-based Ginko Ventures via Alpha Ginko Ltd with participation from DMJ Asia Investment Opportunity Ltd and Wonderful Stars Pte Ltd, a subsidiary of FIH Mobile Ltd," HMD Global said in a statement.

With the latest round of funding, HMD Global's current market valuation exceeds USD 1 billion, giving it a unicorn status, it added.

"In 2018, the company plans to aggressively expand its portfolio of Nokia smartphones and double down on expanding channel reach in strategic markets, while continuing to deliver innovation where it matters most to consumers," it said.

HMD Global CEO Florian Seiche said the company aims to be among the top smartphone players globally and its "success to date gives us the confidence to further continue on a growth path in 2018 and beyond".

Set up in December 2016, HMD shipped more than 70 million Nokia-branded phones in its first year. It has scaled sales operations in over 80 countries with phone activations coming from 170 countries.

In financial year 2017, HMD Global posted a total revenue of 1.8 billion euros (USD 2.13 billion) along with an operational loss of 65 million euros (USD 77 million).

India is an important market for HMD Global and is already among its top three markets. Previously, HMD had said it will focus on expanding its product range and deepening retail presence in India this year.