MX Player, a popular video app that offers both local playback and streaming services, said on Wednesday that it has raised $110.8 million in a new financing round led by Chinese internet giant Tencent as the video app looks to expand its business in India and other international markets.
“Tencent is a leading global force in music and video, and there’s a lot for us to learn and leverage from their capabilities,” he added.
Karan Bedi, CEO of MX Player, said in an interview that the video app will use the fresh capital to double down on producing original TV shows and broadening its catalog of licensed content.
The app did all of this while consuming little resources, an ability that helped it win tens of millions of users with low-cost Android smartphones in emerging markets such as India.
In fact, India is MX Player’s largest market, with 175 million monthly active users, Bedi said.
MX Player is ad-supported and does not charge users any monthly subscription fee.