India-based online video streaming platform MX Player secured approximately $111m today in a series A round led by internet group Tencent, according to TechCrunch.
Times Internet, the digital-focused subsidiary of media conglomerate Bennett Coleman & Co, contributed to the round having purchased a majority stake in MX Player for $140m in June 2018. The series A round valued it at $500m post-money, a person familiar with the matter told TechCrunch.
Payment services provider Paytm was reported in July this year to be considering investing but decided not to participate at this stage. It may however choose to take part in a future round.
MX Player originally launched as a video player enabling South Korean users to watch locally stored files on mobile device, but it has since evolved into an over-the-top streaming service with original and licensed films, TV shows, web series and music videos.
Content is available in 10 Indian languages as well as English, and the service runs solely on advertising revenue without charging a subscription fee. It has attracted 175 million active users in India, its largest market, and more than 280 million users worldwide.
The series A funding will allow MX Player to grow its market share in India and internationally, the company having recently taken tentative steps to enter the US, Canada, Australia and New Zealand.
MX Player hopes to bolster growth both by producing more original series and by growing its catalogue of third-party programming. It has already commissioned 20 new shows in addition to its current roster of 15.
Jeffrey Li, managing partner at Tencent’s corporate venturing unit, Tencent Investment, said: “Within a relatively short period of time, MX Player has leveraged its vast user base and rich content library to be one of the leading video-streaming services in India.
“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.”
