Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Gadgets & Apps

Nokia franchise holder, HMD Global, raises Sh10b to fuel growth

NAIROBI, Kenya, May 22- Finland based start-up HMD Global,  the franchise-holder of Nokia phones, has raised Sh10 billion from multiple investors to scale business operations and fund the company’s growth in its second year.

This round of investment has been led by Geneva-based, Ginko Ventures via Alpha Ginko Ltd. with participation from DMJ Asia Investment Opportunity Limited and Wonderful Stars Pte. Ltd., a subsidiary of FIH Mobile Ltd.

The firm plans to make strategic investments that include expanding its portfolio of Nokia smartphones and double down on expanding channel reach in strategic markets.

“We are thrilled to have these investors join us in our journey to script the next chapter of Nokia phones. It is our ambition to deliver great smartphones that delight our fans while staying true to our Finnish roots and the hallmarks that the Nokia brand has always been known for. We aim to be among the top smartphone players globally and our success to date gives us the confidence to further continue on a growth path in 2018 and beyond,” said Florian Seiche, CEO, HMD Global.

Set up on December 1, 2016, the company in its first year has shipped more than 70 million Nokia branded phones, scaled sales operations in over 80 countries with phone activations coming from 170 countries.

Today, Nokia phones are sold at over 250,000 retail outlets across the world and more than 600 direct trade partners are committed to this next chapter of Nokia phones globally.

In financial year 2017, HMD Global posted total revenue of USD 2.13 billion along with an operational loss of USD 77 million.

“We are proud to contribute to the next phase of Nokia phones and the successful raising of this investment round. Personally, as someone who has long been associated with the Nokia brand, this journey is very exciting. From its roots in Finland, HMD Global has chosen an agile strategy that leverages global relationships and collaborations o achieve its phenomenal growth,” noted Jean-Francois Baril, Ginko Ventures Managing Director and Founder, HMD Board member.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...