BK Modi's Spice Mobility acquires 26% stake in Creative Functionapps Lab
A unit of BK Modi-promoted Spice Mobility Ltd has acquired 26 per cent stake in Creative Functionapps Lab Pvt Ltd, which develops products and services for next-generation telecom networks, for an undisclosed amount.
Post the transaction, Creative Functionapps has become an associate company of Spice Digital, which is a subsidiary of Spice Mobility, according to a statement released to the stock exchanges.
Founded in 2013, New Delhi-based Creative Functionapps develops analytic products related to telecom network performance, monitoring and internet consumer services, among others.
Spice Mobility is part of the $2 billion Spice Global Group which is promoted by India-born BK Modi, who is a citizen of Singapore. The group has diversified interest in telecom, real estate, retail and BPO.
Noida-based Spice Mobility manufactures entry-level devices such as smartphones, networking phones, feature phones and others.
Spice Digital, which was founded in 2000, provides mobile value-added services and content aggregation in 25 countries. It has partnerships with all telecom operators in India, in addition to tie ups with 20 overseas telcos. In January, the firm had acquired 38.53 per cent stake in privately held Anytime Learning Pvt Ltd, a firm which owns online job assessment property Common Job Test.
Shares of Spice Mobility were up by 1.97 per cent to close at Rs 23.30 on BSE on Monday.