Nokia-branded phone maker HMD Global on Tuesday said it has raised $ 230 million (about Rs 1,715 crore) in the first closing of its current funding round which will help expand presence in several markets including India. The company raised funds from some of its top global strategic partners, including Google and Qualcomm, VentureBeat.
“From the beginning, HMD Global has worked to build a strong bond with our strategic partners,” HMD Global CEO Florian Seichi said in a statement. “This additional investment validates our long-term business strategy and is a testament to our collective mission to make modern mobile technology accessible to all.”
HMD Global said the investment would advance a strategic vision in several key areas, including the company’s mission to make 5G smartphones accessible to consumers around the world, with an emphasis on a strong partnership with the US company.
It will also help the company’s transition to digital-first offerings as part of its new-found reality. The Finnish company said the funding would help expand its presence in key growth markets, including Brazil and India as well as recently started operations.
Finally, the investment will help the business go beyond hardware and strengthen its position in a holistic mobile service provider, the company said.
This year alone, HMD Global enhanced its mobile cybersecurity capabilities with the acquisition of assets from its international data roaming service, HMD Connect, Valona Labs, and a new research and development center with dedicated resources on software, security, and services build-out. Tampere, Finland.
Since the company began its operations in 2016, HMD Global is now operating in 91 markets across eight regions and 250,000 retail outlets and has sold over 240 million phones so far.