Paytm, Tencent may invest up to USD 125 million in MX Player
New Delhi: Digital payment firm 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 be happen this month," sources privy to the discussion among the three companies told PTI.
Times Internet is likely to hold majority stake in MX Player even after completion of the funding round, the sources said.
With over 75 million daily active users, MX Player claims itself to be the largest entertainment platform in India with presence on one out of every two smartphones.
It currently operates on an ad-supported model and is a free-to-use app for premium content ranging across drama, comedy, reality and romance in 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 sources said.