Paytm, Tencent may pump $125 million in MX Player

Paytm, Tencent may pump $125 million in MX Player

In February 2018, Times Internet's music streaming platform Gaana had raised $115 million in funding round led by Tencent.

AgenciesUpdated: Tuesday, July 02, 2019, 10:17 PM IST
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New Delhi: Digital payment company Paytm and Chinese internet firm Tencent may invest up to $125 million (nearly Rs 860 crore) in Times Internet's online video streaming platform MX Player this month against purchase of equity.

"Tencent and Paytm are planning to invest $100-125 million in MX Player against purchase of equity. The investment is expected to happen this month," sources privy to the discussion among the three companies said. "While Tencent has been investing in Indian internet companies, Paytm investment plans are part of its long term plan to focus on providing more content to users and increasing user-engagement," the source said.

MX Player has seen over 500 million downloads on Android platform. The platform focuses on exclusive original content with emphasis on Hindi and Indian regional languages. In February 2018, Times Internet's music streaming platform Gaana had raised $115 million in funding round led by Tencent. E-mail query sent to Tencent, Paytm and Times Internet elicited no immediate reply.

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