Tencent Partners With Paytm in $100 Million Video Startup Investment

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING: China Unveils Draft Rules to Speed Certification of eVTOL Aircraft

LATEST: China Unveils Draft Rules to Speed Certification of eVTOL Aircraft; China’s AI Talent Supply Outpaces Demand, Survey Shows; Surge in Model Token Use to Send China’s AI Market Value Soaring, Industry Expert Says; Chinese GPU-Maker Warns Stock Surge Won’t Last Forever; China to Require Real-Name Registration for All New Drones; JD.com’s Industrial Unit Slides in Hong Kong Trading Debut; ZTE Faces Renewed U.S. Scrutiny Over Alleged Venezuela Bribery; Chinese Chip Heavyweight Abandons Acquisition of Server Firm; Nvidia Welcomes U.S. Nod to Sell H200 AI Chips in China; Baidu Weighs Spinoff of AI Chip Unit for Independent Listing; Huawei’s Ren Downplays Chip Shortage, Touts AI for Industrial Value; China’s AI Chip Leaders Ride IPO Wave Amid Drive for Tech Self-Sufficiency; Tsing Micro Raises Over 2 Billion Yuan in State-Backed Round as China Ramps Up AI Chip Push; Synthetic Biology at Scale Could Reshape Food and Materials Systems, Expert Says; ByteDance in Talks With Smartphone Makers to Embed AI Assistant; Lenovo Executive Urges AI Startups to Take On Tech Giants; Infinigence AI Raises 500 Million Yuan to Expand Heterogeneous Computing Platform; Alibaba’s Quark Unit Launches AI Glasses Powered by Qianwen Model; Pony AI Plans to Triple Robotaxi Fleet to 3,000 by 2026 as Revenue Jumps; China’s Semiconductor Software Push Gains Traction Amid U.S. Curbs

By Han Wei / Jul 03, 2019 03:39 AM / Business & Tech

Photo: Bloomberg

Chinese social media giant Tencent Holdings is joining hands with Indian e-wallet operator Paytm to invest about $100 million in the Indian streaming service MX Player, Bloomberg reported, citing a person familiar with the matter.

Tencent and Paytm are in the final stages of discussions, but specific terms may change, according to the report. Both companies declined to comment.

The MX Player deal will offer Tencent a foothold in India, where smartphone users are proliferating and avidly consuming content via cheap wireless data plans.

India’s content streaming market is projected to grow at an annual rate of 22% to 120 billion rupees ($1.7 billion) by 2023, according to PricewaterhouseCoopers.

Owned by Times Internet, a unit of top Indian media conglomerate Bennett Coleman & Co., MX Player generates about two-thirds of its viewership from smaller towns. The company has about 30 million registered users, according to Bloomberg.

Share this article

Open WeChat and scan the QR code