Deals
Tencent, Paytm Plan to Invest $100 Million in Video Startup
- WeChat operator and Indian startup seek to boost engagement
- India’s online video market is expanding 22% annually
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Tencent Holdings Ltd. and Paytm plan to invest about $100 million in Indian streaming service MX Player, according to a person familiar with the matter, as local and foreign companies compete for a piece of the country’s burgeoning online video market.
The WeChat operator and Paytm are in the final stages of discussions but specific terms may still change, said the person, who asked not to be named because the details are private. Jane Yip, a spokeswoman for Tencent, and representatives for Paytm and MX Player declined to comment.