SHORT TAKES

UK firm leads Superhero fundingIndian character merchandising start-up Superhero Brands has raised $458,000 from UK-based Character Group, Lead Angels and venture capital firm DSG Consumer Partners, along with a number of other angel investors.Jaineel Aga, CEO and co-founder of Planet Superheroes, said: “We will continue to partner with the best international and domestic content owners to develop and distribute a portfolio of licensed merchandise throughout India.“Our vision is to be the category leader in the character licensing and merchandising space in India with a robust omni-channel distribution strategy. We will continue to partner with the best international and domestic content owners to develop and distribute a portfolio of licensed merchandise throughout India.”Proceeds from the Series A funding round will see the Mumbai-headquartered start-up expand its product portfolio, further build its distribution network and widen its presence through online and offline channels.Founded in 1991, the Character Group plc is engaged in the design, development and international distribution of toys, games and giftware.Foxconn invests in Noida firmChinese manufacturing firm Foxconn has picked up 10 per cent stake in Noida-based MoMagic Technologies, a mobile internet technology start-up.The investment was made through FIH Mobile Limited (FIH), a subsidiary of Foxconn Technology Group. MoMagic had earlier received investment from Taiwanese chip maker MediaTek.Charles Pan, chief investment director of FIH Mobile Ltd, said: “MoMagic has been successful in building a strong customer base and deep understanding of the Indian market, and we believe that this investment will support FIH in building on our core competencies in innovative mobile technology solutions to better serve customers and consumers in this strategic market.”Arun Gupta, CEO and founder MoMagic Technologies, added: “MoMagic's growth has been based on strong business foundations and with FIH's investment, those fundamentals are further strengthened. We see FIH's investment as a catalyst for achievement of our business vision and aggressive expansion plans, and our goal to be amongst the key players in the growing smartphone and mobile Internet market.”With this investment, the companies hope to tap significant business opportunities in India, the world′s fastest-growing mobile internet and smartphone market.Bosch Siemens bets big on IndiaGerman home appliance maker BSH Household Appliances plans to increase localisation at its Chennai plant to 70 per cent over the next two years.The firm, which is a trademark licensee of Robert Bosch GmbH and Siemens AG for the brands Bosch and Siemens, has also drawn up plans to invest around $109 million in India for R&D, augmenting manufacturing and marketing initiatives in the next five years.Gunjan Srivastava, managing director and chief executive officer of BSH Household Appliances, Manufacturing, said: “We currently make the front load washing machines in India at our plant near Chennai, and have a mix of local and global suppliers. The localisation level is around 40 per cent and we have set a target to take that up to 70 per cent in the coming few years."BSH is considering the new categories it could enter into to further capture the estimated $5-billion home appliances market in the coming years. Some of the new products could also be manufactured in India, based on their scale.The Indian home appliances market is clocking an 8 to 10 per cent growth rate and is expected to double in size over the next 10 years. BSH views India as a key market globally and therefore plans to design and develop specifically for India.