Nokia Phone-Maker HMD Global To Invest USD 230 Million Fund To Expand Business In India And Brazil

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Comserve Inc.

Aug 17, 2020, 12:00 EST

Bronx, United States, Aug 17, 2020, 12:00 /Comserve / -- The Finnish –based Nokia phone maker, HMD Global has announced raising of USD 230 million funds from its strategic partners in the first round of funding.

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Helsinki, August 12, 2020: The Finnish –based Nokia phone maker, HMD Global has announced raising of USD 230 million funds from its strategic partners in the first round of funding. A substantial portion of the newly raised fund will be used to expand its presence in key growth markets such as Africa, Brazil and India. This investment is said to be led by the likes of tech giants such as Google, Nokia, VentureBeat and Qualcomm. The company is also looking to transfer its business from a core hardware company to a holistic mobile service provider.

According to Florian Seiche, the Chief Executive Officer of HMD Global, the company’s mission is to deliver the latest mobile technology accessible to everyone which is user- friendly, cheap and reliable. The Finnish based company is said to take its safety and security-related concerns very strictly and, for that reason it acquired Valona Labs this year to strengthen its mobile cybersecurity capabilities. Along with this acquisition, HMD Global also launched its international data roaming service called HMD Connect to offer users a low-cost international roaming on their smartphones.

With the new funds raised, HMD is now planning to work with local contract manufacturers to produce low-cost 4G and affordable 5G smartphones in the near future. One of the recent products launched by HMD includes the flagship Nokia 8.3 which is due to land in the US and European market in a matter of weeks. This 5G smartphone comes with a powerful Qualcomm® Snapdragon™ 765G modular platform which provides lag-free and smooth user experience. Due to enhanced security features, it comes with an embedded Android One operating system. This phone is yet to launch in India

According to Rajeev Suri, the President and CEO of Nokia Corporation, the company has done tremendously well than expected in the second quarter. It has generated a total sale of USD 5.7 billion with a 39.6% non-IFRS gross margin and an operating margin of 8.3%. Additionally, the company hopes to strengthen its cash generation in the coming 3rd quarter in 2020.

About HMD Global

HMD Global is a Finland based mobile company owned by Jean Francois Baril. It was founded in the year 2016 and the company markets mobile phones under the brand name of Nokia.

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