New Delhi : Spice Digital Limited, one of the largest Mobile Value Added Services (mVAS ) player in India with presence in close to 20 countries and MediaTek Inc., a leading fables semiconductor company for wireless communications and digital multimedia solutions, today announced MediaTek’s investment of approximately US$ 20 million in Spice Digital.
According to a recent study of Standard Chartered, India is set to become the fastest growing major economy in the world by 2012. It is also estimated to have more than 700M mobile subscribers, with that number still increasing. In addition, market research states that the mVAS (mobile value added service) market in India will enjoy over 100% growth over 5 years and will constitute about 10% of total telecom revenue for Indian operators. It is no surprise then that an increasing number of Indian operators are putting attention and resources into mVAS, which represents a huge market potential.
Spice Digital Limited (part of S Mobility Ltd.) was incorporated in 2000 and has become one of India’s top VAS companies with over 30M subscribers. It offers innovative solutions for telecom operators, enterprises, and government agencies using different mobile connectivity mediums of Voice, IVR, SMS, USSD, WAP, 3G & Mobile Applications. The company is well connected with all major operators in India including Bharti Airtel, Vodafone, Reliance Communications, and also enjoys accelerated penetration in Africa, Middle East, and SE Asia.
Dr. Bhupendra Kumar Modi, Chairman of SPICE Global stated, “India is already one of the fastest growing large economies in the world and has the potential to become the world’s largest economy. Mobile Internet can help India achieve double digit GDP growth rate and our businesses continue to lead the country’s move on the digital highway with mobile Internet. MediaTek is well known as a leading Mobile IC solutions provider. We are very excited to have signed this definitive agreement with MediaTek. Through this investment, we can together offer more advanced and innovative services and enrich the digital mobile life of the future. This strategic partnership will enable us to fulfill our vision of becoming the leader in Mobile Internet space in the i2i region by jointly developing products and services for the said markets.”
During the signing ceremony Ming-Kai Tsai, Chairman of MediaTek said, “The mobile Internet presents a wealth of opportunity for MediaTek and we believe India’s IVR and mVAS market, where Spice Digital’s core business lies, will continue to grow. Through this investment in Spice Digital, we are hoping to capitalize on its market potential and reinforce its strong operator relationship and leading position in India, SEA, Africa and Middle East.”