MX Player Raises $110 Million From Tencent, Times Internet
Video over-the-top platform MX Player on Wednesday said it has raised $110 million (Rs 775 crore) in fresh funding from Tencent and Times Internet.
The deal marks Tencent's second investment into a Times Internet asset, after it invested in Gaana - a music streaming platform - in 2018.
Last year, Times Internet had acquired a majority stake in MX Player from Chinese mobile games firm Zenjoy that continues to be a shareholder.
"We are happy to welcome our new partners, whose investment is a glowing endorsement of our stellar growth and huge future potential. Our vision is to be one of the world's largest entertainment platforms, serving our users across their online entertainment needs, starting with streaming videos and beyond," MX Player Chief Executive Officer Karan Bedi said.
With over 175 million monthly active users in India and over 275 million monthly active users worldwide, MX Player is a leading video platform on smartphones globally. MX Player's OTT service is now live in five countries.
"As the smartphone user base continues to expand in India, we look forward to working with MX Player to further grow its platform by delivering original content and a differentiated user experience," Jeffrey Li, managing partner at Tencent Investment said.