Spice Digital signs Share Purchase Agreement with MediaTek

Spice Digital Limited has announced MediaTek's investment of approximately US$20 million in Spice Digital.

According to a recent study of Standard Chartered, India is set to become the fastest-growing major economy in the world by 2012. It is also estimated to have more than 700 million mobile subscribers, with that number still increasing. In addition, market research states that the mVAS (mobile value-added service) market in India will enjoy over 100% growth over five years and will constitute about 10% of the total telecom revenue for Indian operators. It is no surprise then that an increasing number of Indian operators are putting attention and resources into mVAS, which represents a huge market potential. 

Bhupendra Kumar Modi, Chairman, SPICE Global, stated, "India is already one of the fastest- growing large economies in the world and has the potential to become the world's largest economy. Mobile Internet can help India achieve double-digit GDP growth rate and our businesses continue to lead the country's move on the digital highway with mobile Internet. MediaTek is well known as a leading Mobile IC solutions provider. We are very excited to have signed this definitive agreement with MediaTek. Through this investment, we can together offer more advanced and innovative services and enrich the digital mobile life of the future. This strategic partnership will enable us to fulfil our vision of becoming the leader in the Mobile Internet space in the i2i region by jointly developing products and services for the said markets."