Spice Mobility Ltd on Monday announced that it will invest Rs 1,000 crore in the current financial year in a bid to reposition itself as a mobile Internet company.
At present the company is primarily focused on the mobile phone segment. Under the new strategy, Spice will merge all its various divisions including mobile devices, retail outlets and value-added services into one.
It will also bring various associate companies and subsidiaries it has set up in Africa's Ivory Coast, Middle East, India and South-East Asia under an umbrella brand. The Spice Group is also present in areas such as mobility, finance, infotainment and innovative technologies through its various companies such as Spice Mobility, Spice Hotspot, Spice Digital Spice Labs, Spicei2i, Spice CSL, Spice BPO, Spice Online Retail, Spice Money, Spice World and Spice Cinemas. Unveiling the strategic roadmap to switch to a mobile Internet company, Dr B.K. Modi, Chairman, Spice Mobility, said, “India is already one of the two fastest growing large economies in the world and can very well become the largest economy. Mobile Internet can enable India to achieve double digit GDP growth rate by capitalising on the young population of the country.”
The switch to the new strategy will leverage Spice Group's businesses across sectors and geographies. . “We already have other subsidiary and associate companies in the i2i region (Ivory coast to Indonesia) and it is our intention to bring all of them under one fold. This will also help double Spice group revenues in the next two years,” Mr Modi added.
The roadmap for the switch to being a mobile Internet company includes having a global supply chain for sourcing efficiencies and R&D support. The company is close to buying Indonesia-based Nexian for which the company has already raised $200 million.