Digital payment company Paytm and Chinese internet firm Tencent may invest up to USD 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 USD 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 told PTI.
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.
“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.
E-mail query sent to Tencent, Paytm and Times Internet elicited no immediate reply.
In February 2018, Times Internet’s music streaming platform Gaana had raised USD 115 million in funding round led by Tencent.