Yu, which has recently announced its entry into software services with the launch of Around Yu - a suite of services bundled into its new smartphone Yutopia - said it is eyeing a strategic investment in a payments company.
As a part of its strategy to build an integrated mobile ecosystem, Yu Televentures’ parent Micromax has invested in five start-ups in the last six months. In October 2015, it made strategic investments in Scandid, run by Wishpoint, and in Gaana, an online music streaming service operated by Times Internet; in August 2015, it picked up a stake in MiMedia, a cloud service provider; in May 2015, it bought into digital fitness app HealthifyMe (Caeruz Ventures); and in Ixigo (Le Travenues Technology), a mobile travel search company, in June 2015.
The company claims the service is very similar to what WeChat has done in China, and it is expected within a month.
Micromax was started in 2008 and sells its products in Nepal, Sri Lanka, Bangladesh and Russia, among its international markets. The company is looking to expand its presence to markets such as Africa, West Asia and some other parts of Asia.
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