Times Internet posts jump in revenue, reaches 557 million active users

times internet posts jump in revenue

Times Internet which is an Indian digital product company that owns, operates, and invests in various Internet-led products, services, and technology has posted an increase of 24% in its total revenue for the year ended March 31, 2020. The company recorded total revenue of INR 1625 Crore as compared to INR 1526.51 Crore in FY2019.

The company said in its annual report that it crossed 110 million daily active users and 557 million monthly active users. It is just behind Google and Facebook in terms of average daily users (in India). Two products from the Times Internet stable, Gaana, and MX Player were the fastest growing product, with over 75% user growth.

Times Internet is the digital arm of the Times Group, the largest media conglomerate in India. Through its venture capital arm TVentures, Times Internet has invested in over 50 start-ups in the technology space such as logistics provider Delhivery, bus aggregating platform Shuttl, ed-tech platform Byju's, gaming platform MPL among others. Through another subsidiary Times Bridge, it has partnered with various global brands like Uber, Airbnb, The Weather Company, etc. to build their presence in India. It owns several popular products in India, like MX player, Gaana, MX Player, MensXP, Cricbuzz, MagicBricks that work independently under the group.

Times Internet acquired MX player back in 2018 for $200 million. Now after two years, it is the largest premium video destination in India catering to more than 200 million users monthly. Apart from India, MX Player is also popular in other countries including Bangladesh, Pakistan, Sri Lanka, and Iran, among others.