MoMagic Technologies, an Indian startup that helps app developers and content firms reach consumers through various means, has secured an undisclosed amount in investment from FIH Mobile, a global technology company and subsidiary of Taiwanese electronics giant Foxconn, in return for a 10 per cent equity.
With this investment, FIH aims to further strengthen its business presence and tap the significant business opportunities in India, the world’s fastest-growing mobile internet and smartphone market.
“Our investment in MoMagic 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 and Chief Investment Director, FIH Mobile.
“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,” he added.
Started in 2011, Noida (North India)-based MoMagic is a customer acquisition platform for companies developing content and apps. In technical terms, the startup generates the desired reach and acquisition of the end customer for companies tapping mobile for reach and marketing.
For startups with their own apps and looking for varied ways of cost-effective customer reach and acquisition, MoMagic can be a vital part of their marketing plan.
It also facilitates a complete analysis of the usage trends, demographics and other data. In addition, the startup consistently provides clients an insight and understanding of its consumers’ mind and preferences from time to time to help work on penetration strategy.
MoMagic claims to reach more than 90 million users in India — far more than WhatsApp’s user base of around 70 million and close to Facebook’s 130 million users — although it has an entirely different business model.
A MediaTek company, MoMagic currently works with 16 OEMs (handset makers), 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.
Currently, MoMagic operates across five markets in Southeast Asia.
“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, CEO and Founder MoMagic.
FIH is a green manufacturing services provider offering an array of services for companies in the handset and wireless communications industries. From product development and design to manufacturing and assembly to after-sales services and repairs, FIH uses a customer-focused approach to ensure quality execution and rapid delivery of everything needed for partners to compete in a rapidly evolving marketplace.
FIH employs over 75,000 people throughout its global operations.