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Tag: Tencent Holdings

  • Paytm, Tencent Holdings to invest $100 mn in MX Player

    Paytm, Tencent Holdings to invest $100 mn in MX Player

    MUMBAI: Indian e-wallet and payment gateway giant Paytm and Chinese conglomerate Tencent Holdings have reportedly planned to invest about $100 million in Times Internet-led streaming platform MX Player. Although the talks have reached final stages but some investment terms might still change.

    Tencent launched its first overseas video streaming service last month in Thailand as it is looking at expanding abroad. It has also invested in movies, television shows and other content to increase user engagement. With the MX Player deal, it will be able to make its presence in India where online streaming services are booming since the last 2-3 years.

    As per a PwC report, India’s content streaming market is projected to grow at an annual rate of 22 per cent to Rs 120 billion ($1.7 billion) by 2023.  Within a few months of its launch, the newest OTT player of India has gained high traction. According to a recent report revealed by Times network, it witnesses over 1.2 million new installs every day while it is already installed on over 600 million devices globally. Moreover, it is also present in over half of all Indian smartphones.

    While Paytm reported 5.5 billion transactions in the year ending March 2019 with a gross value of over $50 billion, the MX Player deal will help it to user increase engagement.

  • Dream11 gets funding of Rs 719 crore from Tencent Holdings

    Dream11 gets funding of Rs 719 crore from Tencent Holdings

    MUMBAI: Chinese social media and gaming giant Tencent Holdings has invested $100 million (around INR 719 crore) in Mumbai-based Dream 11 Fantasy according to VCCircle.

    Dream11 had been in advanced stages of discussion with Tencent about raising funds from the Chinese behemoth since April 2018. Further, media reports at the time had also indicated that Tencent may invest close to $100 million in Dream11 at a pre-money valuation of around $400-500 million.

    It has also been reported that Tencent has been planning to invest close to $200 million in gaming ventures in India. The Chinese firm has also, in the past, held talks with two social gaming companies – Octro and MoonFrog Labs for potential acquisition or investment opportunities.

    The report in VCCircle quotes an unnamed executive of Dream11 confirming that the transaction with Tencent Holdings has been completed.

    In March 2018, the company roped in cricketer Mahendra Singh Dhoni as brand ambassador and signed a deal with Star India to be the associate sponsor of the eleventh edition of the Indian Premier League (IPL), a twenty-twenty cricket tournament.

    According to the company’s spokesperson, Dream11 has around 41 million users and is set to grow to 100 million users by 2019. “Our goal is to create awareness around fantasy sport in the country and keep getting more of India’s 800 million sport fans to play fantasy sport on Dream11,” the spokesperson added.

    The investment deal by Tencent is the biggest transaction in the India gaming industry and makes Dream11 the most expensive and highly valued online gaming company in the country.

  • Alibaba, Tencent to acquire stake in WPP China

    Alibaba, Tencent to acquire stake in WPP China

    MUMBAI: Chinese multinational e-commerce company Alibaba, Tencent Holdings and China Media Capital Holdings (CMC) are in talks to buy a 20 per cent stake in advertising giant WPP’s Chinese unit.

    With this, Alibaba, Tencent and CMC would hold equal shareholding (6.66 per cent each) in the company.

    The deal is said to value the business between $2-2.5 billion. The deal was first initiated  by WPP former chief executive Sir Martin Sorrell but after his exit, Roberto Quarta went to China this month with co-chief operating officer Andrew Scott to continue talks.

    WPP is already in the midst of a leadership change with Sorrell’s exit while executive chairman Roberto Quarta said last month that the search for his replacement was well-advanced.

    The deal that may take several months to conclude, would see WPP pool its Chinese agency operations into a new holding company and retain majority ownership and control, said a report by Sky News.

    However, the joint ownership in WPP China could come as a surprise given the competitive tension between Alibaba and Tencent. 

    Additionally, Alibaba has also agreed to pay $2.23 billion for a roughly 10 per cent stake in digital advertising company Focus Media that  operates screens in elevators and subways in China. Alibaba is aggressively looking at expansion in advertising and media sectors.