Foxconn’s FIH Mobile invests in MoMagic to tap smartphone market in India

By Rashi Varshney On Nov 30, 2015

The investment also underscores FIH’s commitment to actively collaborate with technology companies in India to create a positive industry ecosystem for innovation and business opportunities. The investment in MoMagic is being made by FIH’s subsidiary, Wonderful Stars Pte. Ltd.

MoMagic Technologies,a mobile Internet market player has announced that FIH Mobile Limited (‘FIH’), a global technology company, has made an investment to acquire a 10% stake in MoMagic.

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A subsidiary of Foxconn Technology Group, FIH is investing in MoMagic, a MediaTek-invested technology company, 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 company said in a statement.

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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. MoMagic has been successful in building a strong customer base and deep understanding of the Indian market, and we believe that this investment will support FIH in building on our core competencies in innovative mobile technology solutions to better serve customers and consumers in this strategic market,” said Charles Pan, Special Assistant to Chairman & Chief Investment Director, FIH Mobile Ltd.

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