Delhi-based mChamp Entertainments, a celebrity and entertainment-driven contest app, bags Rs 5 crore seed funding from MoMagic Technologies, a leading mobile Internet market and app ecosystem player.
mChamp, a fund-driven contest app, in the past 9 months of its launch has already conducted 50 ‘Celebrity Meet and Greets’ for contest(s) players. And the app is witnessing a 15% growth month-on-month, in terms of tie-ups and partnerships with leading FMCG brands, celebrity shows (TV/concerts) and productions houses.
Founder, Paresh Shah, mChamp Entertainments, said, “We are indeed very honored and happy to bag the very first round of seed funding from MoMagic, a Foxconn and MediaTek invested company. Along with being seed funded, we believe our mission of: mChamp being the No 1 Celebrity Contest App will get the necessary business mentorship by MoMagic in achieving the same.”
Founder & CEO, MoMagic, Mr. Arun Gupta, said, “We believe mChamp has all the ingredients to emerge as No 1 App in terms of connecting with masses wide across. And it fits well with MoMagic business plans; hence, the decision to seed fund mChamp.”
“Entertainment and celebrity are amongst the key sectors, in which MoMagic is looking at innovative ways of organic-inorganic expansion,” added Mr. Arun Gupta.
MoMagic is a leading mobile Internet market and app ecosystem major and holds a significant share of the mobile Internet market.