Tencent, Paytm plan to invest US$100mil in video startup

For Indian digital payments leader Paytm and parent One97 Communications Ltd, MX Player

Tencent Holdings Ltd and Paytm plan to invest about US$100mil (RM413.77mil) 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 a representative for MX Player didn’t respond to requests for comment. A Paytm representative declined to comment.