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.

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