Tencent leads $111M investment in India’s video streaming service MX Player
MX Player, a popular video app that offers both local playback and streaming services, said on Wednesday that it has raised $110.8 million in a new financing round led by Chinese internet giant Tencent as the video app looks to expand its business in India and other international markets.
Times Internet, which acquired a majority stake in MX Player in late 2017 for $140 million, also participated in the Series A financing round. The post-money valuation of MX Player was $500 million, a person familiar with the matter told TechCrunch.
The addition of Tencent — which has invested in a handful of Indian startups including Times Internet-owned Gaana, ride-hailing giant Ola, ed tech startup Byju’s, B2B e-commerce startup Udaan and a bookkeeping service for merchants, Khatabook — “is a great sign of confidence,” said Satyan Gajwani, vice chairman of Times Internet. “Tencent is a leading global force in music and video, and there’s a lot for us to learn and leverage from their capabilities,” he added.
Karan Bedi, CEO of MX Player, said in an interview that the video app will use the fresh capital to double down on producing original TV shows and broadening its catalog of licensed content.