Foxconn unit picks up 10% stake in MoMagic

New Delhi: Foxconn International Holdings (FIH) Mobile has picked up 10 percent stake in MoMagic Technologies for an undisclosed amount, a move aimed to strengthen the Taiwanese company's presence in India.

The City-based firm, MoMagic, which is a mobile Internet company, is backed by Mediatek. It offers analytics-driven marketing solutions to enterprises, startups and e-commerce players.

"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," it said in a statement.

The investment in MoMagic is being made by FIH's subsidiary, Wonderful Stars, it added.

"Our investment in MoMagic is in line with our Group's goal... 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," FIH Mobile Special Assistant to Chairman and Chief Investment Director Charles Pan said.

Arun Gupta, CEO and founder of MoMagic Technologies said FIH's investment will be a catalyst for achievement of its business vision and aggressive expansion plans.

"Our goal is to be amongst the key players in the growing smartphone and mobile Internet market," he added.