Chinese technology giant Tencent is leading a USD 110-million financing round in video-streaming platform MX Player, valuing it at around USD 500 million post the investment, said sources close to the matter.
This will be MX Player’s first external fund-raising after its acquisition by Times Internet (TIL), which has also participated in the current round.
The fund infusion into MX Player will further intensify the competition in the domestic over the top, or OTT, market which has been growing exponentially on the back of cheap mobile data, thanks to the price wars unleashed by Reliance Jio in the past few years.
“MX Player was our most ambitious investment last year, and it has the potential to change mobile entertainment in India and in the world. It plays an important role in Times Internet’s strategy of being the largest consumer platform in India, and we’re excited to have Tencent help us in this mission,” Satyan Gajwani, vice-chairman of Times Internet, said in a statement.