Why Tencent Is Targeting The Indian Market?
- TechCrunch reports that Tencent Holdings Ltd (OTC: TCEHY) is in advanced discussions to lead an investment round in India's Pocket FM to tap the country's burgeoning internet market and The Indian startup's growing focus on audio.
- The Chinese gaming major is already an investor in Pocket FM and aims to lead a $20 million - $25 million round in Pocket FM at a valuation between $75 million - $100 million.
- Pocket FM operates an app that offers users podcasts and audiobooks in English and several Indian languages.
- Tencent is a major investor in India's music streaming service Gaana and on-demand video streaming player MX Player.
- Tencent clocked a 20% revenue growth in Q2 aided by its diversified model while battling the Chinese regulatory crackdown and slowing gaming revenue following ease in lockdown. Additionally, India also came up with restrictions on Chinese companies in 2020.
- Gaming companies, including PUBG Mobile, are also eyeing India's budding online gaming market.
- Price Action: TCEHY shares traded higher by 0.05% at $56.09 in the premarket session on the last check Monday.
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