Tencent backs Indian social media Lokal

  • TechCrunch reported in August that India’s Pocket FM was in advanced talks to raise a round from Tencent and others.
  • The Chinese giant, which has invested over $2 billion in Indian startups since 2016, also invested over $200 million in Indian social media platform ShareChat earlier this year, though the startup didn’t disclose Tencent’s involvement at the time of announcement.
  • The firm, which also poured in more money in Indian music streaming service Gaana, has made several recent investments in Indian firms as convertible debts to buy the parties time for approval and give Tencent the option to convert its debt into an equity investment in future.

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