MoMagic Technologies Pvt. Ltd has received an investment stake of 10% from Foxconn Technology Group’s subsidiary, Wonderful Stars Pte. Ltd. Foxconn Technology Group aka FIH (Foxconn International Holdings) is the world’s largest electronics contract manufacturer and makes iPhones for Apple Inc. So far, it had only invested in Indian e-commerce giant Snapdeal in the Indian economy.
MoMagic offers analytically-driven and technology-backed innovative marketing solutions to all sorts of companies – big and small, startups or enterprises, in the area of mobile internet services.
This combination of data analytics and marketing offers an interesting speculation as mobile marketing is a data driven sector. More and more companies use data analytics to examine their customer behavior, popularity, feasibility, success and failure of the mobile apps, based on which marketing solutions can be provided.
Previously, MoMagic had bagged investment from the Taiwanese chip maker, MediaTek Inc.
Grant Kuo (Managing Director of Indian operation MediaTek Inc. Taiwan) commented “With the FIH investment, we see MoMagic advancing its technological and business edge and expanding as a market leader.” MoMagic was one of the earliest companies they had invested in, and are still a stakeholder.
Charles Pan, special Assistant to Chairman & Chief Investment Director, FIH Mobile Ltd., commented on the matter, “Our investment in MoMagic Technologies is in line with our Group’s goal of strengthening FIH’s ability to tap the huge potential of India’s fast-growing smartphone markets and mobile internet.”
Moreover, he added that, coupled with its deep understanding of the Indian market, MoMagic will support FIH in building on their core competencies in innovative mobile technology solutions to serve customers in India better.
Operating across 5 South Asian markets and founded in 2011, the MoMagic has shown extraordinary growth in the just five years. Speaking about the investment, Arun Gupta (CEO and Founder MoMagic Technologies), said “MoMagic’s growth has been based on strong business foundations. FIH’s investment has further strengthened those fundamentals. This investment is a catalyst for achievement of our business vision and aggressive expansion plans. Furthermore, we believe we can play a key role in the ‘digital India’ and ‘make in India’ initiatives.”
Analytics India Magazine speculates that this move will not only accentuate FIH’s commitment to actively collaborate with technology companies in India but also create a positive ecosystem for innovation and business opportunities for the data analytics industry, which has tremendous potential to grow with the advancement in technology.