Micromax on Monday announced that it has made some investment in a cloud storage startup company MiMedia Inc. The strategic investment in MiMedia represents Micromax’s first outside of India, but the deal terms have not been disclosed.
“This is the first international investment by Micromax as part of its strategic vision of building a robust eco-system of world class devices and services through innovative technologies from around the world to its consumers,” said company in a press note.
MiMedia is based in New York, and it provides cloud platform to consumers for storing and accessing all of their personal content (photos, videos, music, files), on any device, whenever they want.
Commenting on the investment deal, Micromax co-founder, Rahul Sharma, said that the company would start to focus on making investments in software startups, as it looks to continue to differentiate its smartphones.
“The world is moving to smart devices and, through these strategic investments, we are ensuring that our consumers relish services that enrich their experience,” said Sharma. “We invest in companies that are providing revolutionary solutions for our customers and give them scale and access to our ecosystem. As a mobile first country, consumers’ personal media needs to be easily accessed, organized and shared amongst family and friends. We saw this vision and much more in MiMedia.”
Chris Giordano, CEO of MiMedia, said, “We love India and what is happening with digital in that special country. We are proud to have one of India’s leading tech companies now as a strategic investor. MiMedia thinks only about consumers and providing the best experience with their personal media. In Micromax, we saw a similar vision – an incredible company that brings superior phones, at affordable prices, with best of breed software to offer a tremendous value to all of India and their expanding footprint across the globe.”