Micromax announces its first strategic foreign investment in cloud storage startup MiMedia

While mainstream media is going gaga over Micromax CEO Rahul Sharma getting married to Bollywood Actress Asin, the man is busy in expanding his business strategically beyond just being handsets business. The Indian handset maker announced today that it has made a strategic investment in MiMedia Inc, the next generation consumer cloud provider focused on making consumers' digital lives better. As expected with a cloud service, MiMedia enables its consumers to access their personal contents on any device , wherever and whenever they want to do so.

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.

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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. While terms of the deal were not disclosed, 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 world is moving to smart devices and, through these strategic investments, we are ensuring that our consumers relish services that enrich their experience,” Mr. Rahul Sharma said.  “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.”