FIH Mobile, a subsidiary of contract manufacturer has paid an undisclosed sum for a 10% stake in India-based app customer acquisition platform developer MoMagic Technologies, E27 reported yesterday.
Founded in 2011, MoMagic has built a customer acquisition and analytics platform aimed at businesses developing apps and creating content. MoMagic currently operates across five markets in Southeast Asia and hopes to use the money to support an expansion into additional countries.
FIH manufactures products for mobile phone and wireless communications technology developers. It will utilise the partnership with MoMagic to strengthen its position in India, which has recently experienced significant growth in its mobile internet and smartphone markets.
MoMagic previously secured an undisclosed amount of funding from Taiwan-based chip maker MediaTek in 2011.
Arun Gupta, chief executive and founder of MoMagic, said: “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.”