Nokia phone maker HMD is expected to use $230 million funding to carry out operations in India

CIOReviewIndia Team | Wednesday, 12 August 2020, 04:21 IST

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Nokia phone maker HMD is expected to use $230 million funding to carry out operations in India

According to Florian Seiche, CEO, HMD Global, the maker of Nokia-branded phones, HMD Global is looking to make India its future hub. It has raised about USD 230 million from various investors which includes Google, Qualcomm, and Nokia Technologies. Working with the local contract manufacturers, Google, and Qualcomm to design and develop affordable 5G and 4G phones in the near future. 

The CEO has said that all these investments have helped them to put a serious focus  on some of the key growth initiatives while going forward. For instance, the company is especially targeting the European and the US market for the transition towards 5G era, And, not only focusing towards high-end people, but focusing on bringing more affordable handsets so as to blanket every level of people. 

HMD’s CEO also said that as a three year startup, there is still a lot to cover, especially when it comes to growing the market in India. However, India holds many unique opportunities which HMD can grab with all the strong partnership that the company has in place with both Amazon and Flipkart. Moreover, the company is also looking to strengthen its partnerships locally in India as well. 

The company has also envisioned India as a n export hub in the coming days. Hence, they are firstly focusing on building a strong connection with the local supply chain so as to serve the Indian market.  

“We are planning to also partner with big operators and telcos as well in addition to the internet players or the online players that we are already partnering with. I definitely see there's a great opportunity in making deeper partnerships also with operators and other channel partners in India,” said Florian Seiche when questioned by ET. “Our vision is that going forward for the Nokia smartphones, we could have maybe one or two bigger local partnerships in place,” added Seiche. 

Furthermore, the company is also investing in various software and services. Earlier this year, HMD made an investment in Finland in a software security center which has been playing a key role in its quality management of software. The company is also expected to further invest in other software segments such as imaging. 

 
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