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HMD Global raises $100 million to scale operations

May 22, 2018

HMD Global, designer and seller of Nokia brand of phones, has raised $100 million from Geneva-based Ginko Ventures and other investors to scale its business operations.

The company reported that with the latest round of funding, HMD Global's current market valuation exceeds $1 billion, giving it a unicorn status.

As per HMD Global, the company plans to aggressively expand its portfolio of Nokia smartphones and double down on expanding channel reach in strategic markets in 2018. Also, they will continue to deliver innovation where it matters most to consumers.

HMD was set up in December 2016 and shipped more than 70 million Nokia-branded phones in its first year itself. Since then, the company has scaled sales operations in over 80 countries with phone activations coming from 170 countries.

In financial year 2017, HMD Global reported total revenue of $2.13 billion along with an operational loss of $77 million.

India is among the top three markets for HMD Global and as per recent statements by the company. HMD will focus on expanding its product range and deepening retail presence in India in 2018.

 
 

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