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.