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Micromax makes its first international investment in cloud-based online backup firm MiMedia

Micromax today announced a strategic investment in New York-based  online backup service MiMedia. The investment amount was not disclosed, but this marks as the company's first investment outside Ind

mimedia

Micromax today announced a strategic investment in New York-based  online backup service MiMedia. The investment amount was not disclosed, but this marks as the company’s first investment outside India.

MiMedia offers similar services like Dropbox and AltDrive. Online backup services have become popular over the past few years as more users have discovered first hand the importance of off-site backups.

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Co-founder Rahul Sharma said that the company looks to make more investments in software as it envisions to make more innovative products. “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,”  Sharma said.

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Apart from MiMedia, the company said that it has set-up a mergers and acquisitions team under Kumar Shah to look at technology startups across the US, Europe, Israel and India for potential investment.

  • Published Date: August 10, 2015 6:50 PM IST
  • Updated Date: August 12, 2015 4:16 PM IST