startup funding

Indian OTT Startup MX Player Reportedly Raising $100 Mn from Tencent, PayTM

0
Indian OTT Startup MX Player Reportedly Raising $100 Mn from Tencent, PayTM

Indian OTT platform and a global offline video player, MX Player, is raising about US$100 million from China-based Tencent Holdings and Paytm, reported a China daily.

Citing its sources, a report by South China Morning Post said “The WeChat operator and Paytm, India’s digital payments leader, are in the final stages of discussions but specific terms may still change”

Created by J2 Interactive, MX player was bought for for $140 million (₹1000 crore) in last year by Times Internet, the digital media arm of The Times Group, India’s largest media conglomerate.

Tencent, which just launched its first overseas steaming video service in Thailand, will receive ready-made market and foothold in India where content streaming market is projected to grow at an annual rate of 22% to 120 billion rupees (US$1.7 billion) by 2023, according to PwC.

India is the world’s second largest smartphone market and post Reliance Jio boom, users across the country are avidly consuming content via cheap wireless data plans.

For Paytm and its parent One97 Communications, MX Player’s 30 million registered users adds to a plethora of offerings from food delivery and e-commerce to financial services.

In January last year, an China’s Alibaba was also reportedly planning to launch an OTT video service in India that was supposedly be powered by Paytm and UCWeb, a mobile internet subsidiary of Alibaba Group which counts PayTM as its investee. However, the idea of Alibaba never saw the daylight. It was also said that the OTT service would utilize the technology from Alibaba’s native OTT app in China — Youku Todou.

Like this content? Sign up for our daily newsletter to get latest updates.

Vardaan
Founding editor at IndianWeb2, he's been writing at IndianWeb2 since 2007. Apart from blogging he had a professional career of software developer, Ux developer and search engine marketer in past. His vision of IndianWeb2 has been laid down so as to showcase, encourage and propagate Indian startups, innovation and entrepreneurship ideas.

Office Space Leasing by Co-Working Players Rises 42% to 4 Mn Sq Ft in Jan-Jun

Previous article

Denying Inter-connectivity to RJio Costed Rs 3,050 Cr to Airtel, Vodafone Idea

Next article

Comments

Comments

This site uses Akismet to reduce spam. Learn how your comment data is processed.