OTT platform MX Player, the app famous for offering local playback and streaming services has confirmed that it has secured $110.8 million in Series A round led by Chinese internet giant Tencent. MX Player was acquired by Times Internet in 2017 for $140 million. Times Internet also participated in the funding round which values the firm around $500 million. Founded in South Korea in 2011, MX Player counts India as its biggest market where it has 175 million monthly active users while the app has more than 280 million active users across the globe.
MX Player CEO Karan Bedi commenting on the funding round said, “We’re 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 video and beyond.”
Times Internet vice-chairman Satyan Gahwani talking about MX Player said, “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 part of Times Internet’s strategy of being the largest consumer platform in India, and we’re excited to have Tencent help us in this mission.”
Jeffrey Li, managing partner, Tencent Investment, said that “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 differentiated user experience."
With the aim of global expansion, it will be interesting to see how the firm manages to utilize the fund and attract more users on its platform.
Image Courtesy : mxplayer