Spreadtrum Communications, Inc, China based fabless semiconductor provider has invested $10mn in Micromax the homegrown mobile brand. The two companies have announced a partnership to work together to grow the market for innovative, value for money handset products in India and other emerging markets and post this funding, Spreadtrum will become one of Micromax’s preferred mobile chipset suppliers.
With this partnership, the two companies will work together through a joint R&D collaboration to deliver feature-rich innovations across Micromax’s portfolio of products. Micromax currently ships more than 60 models ranging from dual-SIM feature phones to 3G Android smartphones. Spreadtrum will collaborate with Micromax on the development of new innovative products in order to gain major market share.
Earlier, Micromax raised $45mn funding from Sequoia Capital and Sandstone and a few months back, withrew its IPO plans. The company holds third position among the handset manufacturers in India (reference: report on Indian Mobile Handsets).
Recommended Read: The rise and fall of Micromax.