MAM
MX Player raises $110 million from Tencent and Times Internet
MUMBAI: MX Player, the world’s largest local video player and India’s biggest video OTT platform has received $110 million (Rs 775 Crores) in fresh funding from Tencent and Times Internet. The deal marks Tencent’s second investment into a Times Internet asset, after it invested in Gaana, the music streaming platform, in 2018.
Times Internet acquired a majority stake in MX Player in 2018 from Zenjoy, a mobile-games company that remains an investor in the company. With over 175 million monthly active users in India and over 275 million monthly active users worldwide, MX Player is a leading video platform on smartphones globally. Since its formal OTT launch in February 2019, MX has leapfrogged competition to become the second-largest video streaming platform in India. MX Player’s ‘everytainment’ vision – with offline video playback, video streaming, music streaming, and more, positions it to be a leading player in the digital entertainment landscape. MX Player’s OTT service is now live in 5 countries. In 2018, Times Internet acquired a majority stake in MX Player from Chinese mobile games firm Zenjoy, which continues to be a shareholder.
Speaking on the investment, MX Player CEO Karan Bedi 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 Gajwani 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.”
Tencent Investment Managing Partner Jeffrey Li said: "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 a differentiated user experience."
India’s Video OTT market (currently pegged at Rs. 23,000 cr or $3.3bn) will grow at 29% annually, reaching nearly Rs. 62,000 Cr ($8.9 billion) by 2024, according to a recent KPMG report. 90% of this is led by AVOD. India has the second highest per capita online video consumption in the world, with over 325 million video consumers watching nearly 70 mins /day today, growing to an estimated 580 million viewers by 2024.
MAM
Manappuram Finance appoints Sreekanth P V as group head – operations
22-year veteran from Bajaj Finance to drive efficiency and customer experience.
MUMBAI: Manappuram Finance just upgraded its operations engine because when customer delight needs turbocharging, even the gold loans get a smoother ride. Manappuram Finance Ltd has appointed industry veteran Sreekanth P V as group head for operations & customer experience at the grade of president. In his new role, Sreekanth will lead efforts to strengthen operational efficiency, enhance customer experience, streamline processes, drive service innovation and scale the company’s digital ecosystems across all business verticals.
Sreekanth brings over 22 years of experience in operations management, digital platforms, product innovation and customer experience within the financial services sector. Most recently he served as deputy executive vice president for digital platforms at Bajaj Finance Ltd, where he led the development of a unified app and web platform strategy and built a cohesive digital ecosystem.
Manappuram Finance, chairman and managing director V. P. Nandakumar said, “We are pleased to welcome Mr Sreekanth P V to the leadership team. He brings extensive experience in operations management, digital platforms and customer experience. As we continue to strengthen our operational capabilities and enhance customer engagement, his expertise will play an important role in driving efficiency, innovation and service excellence across the organisation.”
The appointment reflects Manappuram Finance’s ongoing focus on building a stronger leadership bench and elevating operational standards as the company scales its lending and customer engagement capabilities.
In a sector where every rupee counts twice, Sreekanth isn’t just joining the team, he’s the new conductor making sure the entire orchestra of loans, digital flows and customer smiles stays perfectly in tune.
