Tencent leads $110m investment in India’s MX Player

Chinese internet giant Tencent has led a US$110 million injection into Indian video-streaming service provider MX Player.

The new round marks MX Player’s first external fundraise after getting acquired by digital products company Times Internet, which also participated in the round.

Photo credit: Chris Yunker

According to a report by The Economic Times, the new infusion is set to give MX Player a post-money valuation of around US$500 million.

With the fresh funds, the company looks to strengthen its portfolio through acquisition and production of original content, expand further in the entertainment genre, and make new hires.

“MX is an important part of the Times Internet ecosystem. Today, our platforms reach over 525 million monthly users and 110 million daily users that spend 41 minutes per day with us. That’s larger than any other Indian company,” said Times Internet’s vice chairman, Satyan Gajwani.

According to MX Player’s website, it currently offers 20 original shows and over 50,000 hours of premium content with an emphasis on Hindi and regional languages. It started as a local content player and transitioned into a streaming platform earlier this year, competing with the likes of Netflix and Amazon Prime Video in India.

In July, it was reported that Tencent and Paytm were looking to invest US$100 million in MX Player. At the time, talks between the two companies were said to be in the final stages.

Tencent has also recently been expanding its own video-streaming platform, Tencent Video, outside of China. Earlier this year, the company launched the service in Thailand under WeTV, offering original Chinese content with Thai dubbing and other content made with local partners.