Contest app mChamp raises Rs 5 crore seed fund from MoMagic

NEW DELHI: Delhi-located celebrity and entertainment driven contest app, mChamp Entertainments has secured Rs 5 crore seed funding from MoMagic Technologies, a leading mobile Internet market and app ecosystem player.

The press release from the company says that mChamp, a fund-driven contest app, has in the past nine months since its launch has conducted 50 ‘Celebrity Meet and Greets’ for mChamp contestants. Gift vouchers, cash prizes, free recharges worth Rs 25 lakhs were given till date. And the app they say is witnessing a 15% growth month-on-month, in terms of tie-ups and partnerships with leading FMCG brands, celebrity shows (TV /Concerts) and productions houses.

Founder, Paresh Shah, mChamp Entertainments, said, “We are indeed very honored and happy to bag the very first round of seed funding from MoMagic, a Foxconn and MediaTek invested company. Along with being seed funded, we believe our mission, to be number one Celebrity Contest App, will get the necessary business mentorship by MoMagic in achieving the same.”

Founder and CEO, MoMagic, Arun Gupta, said, “We believe mChamp has all the ingredients to emerge as No 1 App in terms of establishing a connect with the masses wide across. And this fits well with MoMagic business plans; hence, the decision to seed fund mChamp. Entertainment and Celebrity are amongst the key sectors, in which MoMagic is looking at innovative ways of organic –inorganic expansion."