FIH Mobile Acquires 10% Stake In Delhi Based Internet Company MoMagic

Taiwan-based Foxconn Technology Group’s subsidiary FIH Mobile Ltd looking to further strengthen its business presence in India, has made an investment to acquire 10% stake in Delhi-based mobile Internet company MoMagic Technologies.

The investment has been made by FIH’s subsidiary, Wonderful Stars PTE. LTD.

MoMagic works across 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 ecommerce players as well as better reach and service to customers. The company had earlier raised funding from chip maker MediaTek.

As or FIH Mobile, it makes handsets and wireless communications units, focusing on product development, design, manufacturing, assembly, and after-sales services and repairs.

“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,” said Charles Pan, special assistant to chairman and chief investment director of FIH Mobile Ltd.

Foxconn Technology Group, the main supplier to tech giant Apple is also an investor in Indian ecommerce giant Snapdeal. The company has expanded rapidly since its launch in 1988, with more than 30 industrial gardens currently in the country’s south, north, southwest, northeast and central areas.

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