First global strategic investment of Micromax
Micromax proudly announced its first ever investment on global scale on August 10, 2015. This Gurgaon based company has acquired a stake in New York-based consumer cloud platform MiMedia. They didn’t disclose the terms of this deal. Micromax recently declared revenues of over Rs 10,900 crore in FY 2015.
This deal is also being called the larger strategy of Micromax which will focus on making investments in software startups. These solutions of investments could create a differentiation in their product offerings. Micromax has also set up an acquisition team for assessing technology startups across the Israel, India and US.
As being the Co-founder of Micromax, Rahul Sharma is planning to invest as much as USD 400 million in more than 20 startups across healthcare, entertainment and gaming sectors.
MiMedia is a cloud-based online backup service, which launched in 2010. It gives a tough competition to Dropbox and AltDrive. The company provides an option to backup files through a physical portable drive mailed to the users to avoid challenges of typically low speeds on broadband connections. Moreover, their product claims to offer consumers rich and engaging experience to curate, personalize, discover and rediscover digital memories.
Micromax is investing in companies that are providing innovative solutions to its customers. Micromax stands second on the list of smart phone market leaders after Samsung, whom it is planning to leave behind in the race with its upcoming projects and services. Micromax had a market share of 18 per cent in fourth quarter of last year.
Investment in software startups by Micromax, indicates its increasing focus on offering services from exclusively producing electronics.
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