Times Internet buys video app MX Player

Times Internet Ltd, the digital business arm of media conglomerate Times Group, is planning to foray into video streaming with the acquisition of South Korea based video platform MX player for Rs 1,000 crore.

The deal marks the biggest acquisition till date by Bennett, Coleman and Company Ltd (BCCL), Times Internet’s parent firm, as a group and reflects its bullish outlook on the digital space. BCCL’s earlier big-ticket overseas acquisition – radio network Virgin Radio in 2008.

The platform will house premium and exclusive content from leading content producers and publishers around the world, which means it, will compete with the likes of Amazon Prime Video, Hotstar and Netflix. MX Player claims that its app, which houses a basic video player, has been installed on 500 million devices worldwide. The video player will continue to support the offline video playback features that are currently available.

MX Player is investing in premium, original, digital-first content, with an emphasis on Hindi and regional production. In its first year, the platform will launch with more than 20 original shows, and over 50,000 hours of premium content across all languages.

Wibmo acquires start-up Mypoolin

US-based digital payment company Wibmo Inc. has bought Bengaluru based payment solution provider Mypoolin in a cash and stock deal. The deal was valued above $1 Million and all existing investors will get a combination of stock and cash.

Mypoolin will continue to operate as an Indian subsidiary of Wibmo, but eventually the Bengaluru-based start-up will be integrated with the Wibmo. Incorporated in 2015, Mypoolin provides payment solutions for retail merchants and allows individual users to send and receive money directly from banks. It also provided a feature to split and settle bills with friends using a web interface.

In 2015, Mypoolin raised $250,000 from Qualcomm Ventures, the venture capital arm of the semiconductor maker Qualcomm Inc., Accel Partners, Investopad and many other prominent angel investors. In total the company has raised less than $500,000. On the other hand, Wibmo already has a B2B presence in India and claims to work with private banks in India. The US company plans to use Mypoolin acquisition for expanding its consumer base.

Other acquisitions in the fintech space include The Mobile Wallet, which in January acquired payment platform Trupay for an undisclosed amount. The deal will help TMW expand its payment solutions. In the same month, media conglomerate Bennett, Coleman and Company Ltd (BCCL) acquired a stake in a Mumbai-based online lending firm FinReq.