Indian handset manufacturer, Micromax has made an undisclosed amount of investment in US-based startup MiMedia which offers online back up and cloud storage services. MiMedia enables consumers to access all of their personal content (photos, videos, music, files), on any device, whenever they want. Excluding this round, MiMedia had raised $5.4 million in funding across 3 rounds.
“While we are not disclosing the terms of the deal, the strategic investment in MiMedia represents Micromax’s first outside of India. Micromax has set-up a mergers and acquisitions team under Kumar Shah to look at technology startups across the US, Europe, Israel and India,” the company said in a statement. The company would start to focus on making investments in software startups, as it looks to continue to differentiate its smartphones.
Micromax recent deals
In June, the Indian smartphone handset player made a strategic investment in Gurgaon-based travel search marketplace, Ixigo. In February, Micromax had invested in a local analytics company for a ‘significant minority stake’, without revealing the name of the company, and the amount invested or other terms & conditions of the deal.
In May, Micromax had partnered with Mumbai-based MoFirst Solutions to offer translation and transliteration services with messaging on its phones and also provide access to about 10,000 local language apps available on MoFirst’s App Bazaar. Also, in the same month, the firm announced that it would be making investments of $0.5-20 million in over 20 startups in the coming year. For this objective, it has also set up an M&A team which has been actively sourcing and working with startups across major technology markets such as Silicon Valley, Europe, Israel and India to bring in the better products and capabilities.
In February, Micromax appointed Ashish Agrawal as its CTO where he would be responsible for the company’s technology initiatives and formulating its software service.Category Investments