WeChat-owner Tencent and mobile wallet provider Paytm entered the late-stages of discussions about investing a total of $100 million in video app MX Player, Bloomberg reported.
The app, which supplies offline video and streaming services in India, was bought for $140 million in 2018 by media conglomerate Times Internet. Figures on the latter’s website state MX Player has 70 million daily active users and 175 million monthly active users.
Its media player offers a range of video and music content across 11 languages.
A stake in MX Player would represent the latest in a number of investments made by Tencent in entertainment platforms outside of its home market of China. Bloomberg sources noted an investment in MX Player would give the company a foothold in a segment of the Indian market forecast to rapidly grow over the next four years.
Paytm has traditionally focused on e-commerce and mobile payment platforms, with most of its interests in India. It runs one of the most successful mobile wallets in the country and is set to up efforts to further expand the reach of its service into semi-rural areas.Subscribe to our daily newsletter Back