MX Player is looking for investors after its proposed acquisition deal with Amazon Prime Video fell through, sources privy to the development told e4m.

“The cash-strapped company needs funding to sustain in the streaming market, which is increasingly being competitive,” a source said.

The OTT Platform owned by Times Internet Ltd has been struggling for funds for quite some time, said people in the know. The company posted a loss of USD 97 million in FY 22, according to data obtained from Traxcn. Its annual revenue for the year stands at USD 134 million.

We reached out to Times Internet and CEO Karan Bedi for a response but did not receive them till the time of publishing this story.

The high-profile deal between Amazon Prime Video and MX Player was called off over issues with due diligence, e4m reported last week.

https://www.exchange4media.com/digital-news/amazon-mx-player-deal-may-not-sail-through-128611.html

The price quoted by Amazon was not clear but it was reportedly around $50 million, roughly Rs 400 crore. Times Internet Ltd (TIL) acquired MX Player for an estimated $140 million or Rs 1,000 crore in 2018.

Had the deal gone through, Prime Video would have become the most significant OTT player in India in terms of consumer acquisition. Prime Video has an estimated 28 million users in India, while MX Player has nearly 78 million users.