In addition to M Cash’s subsidiary NFCX, we also have updates from Blued, Tencent, and Meitu

M Cash subsidiary NFCX to invest in movie production house Ideosource Entertainment – Press Release

PT NFC Indonesia Tbk (NFCX), a subsidiary of IDX-listed Indonesian startup M Cash, today announced a plan to invest in Ideousource Entertainment (IDEO), a local film and entertainment company.

In a press statement, NFCX explained that the Indonesian film industry and OTT market are set to grow by 21 per cent, from US$512 million in 2018 to US$1.1 billion in 2022.

The investment is expected to strengthen both companies’ value chain.

“As part of a global trend, the entertainment business complements the e-commerce industry. This model has been proven well by Amazon Prime in China and India as well as Alibaba Pictures in China. This is the reason why we believe IDEO and NFCX will create a great synergistic value,” said IDEO CEO Andi Boediman.

The CEO also further explained that the company’s business included film and media investment, production, analytics platform, as well as digital marketing agency. In the future, it plans to expand to IP licensing and merchandising.

Gay dating app Blued plans US IPO at US$1B value – Bloomberg

Chinese gay dating app giant Blued is planning a US IPO, Bloomberg reported.

Citing sources familiar with the matter, the IPO is expected to raise about US$200 million.

The report also stated that the company has been meeting potential advisers about the proposed listing.

The share sale will likely take place next year and could value Blued at around US$1 billion.

Also Read: NFC Indonesia, M Cash invests in adtech startup DMS

Tencent scraps plan to invest US$150M in VIPKid – Reuters

Chinese internet giant Tencent is scrapping plans to invest US$150 million in edutech startup VIPKid, Reuters wrote.

Citing two people with knowledge of the matter, the report said Tencent had initially agreed to invest in the company. But the company scrapped the plans after the Chinese government issued a regulation last month that targets online education platforms, obliging teachers to hold valid teaching license and companies to publicise information about foreign teachers’ qualification and work experience.

VIPKid dismissed the news as untrue and said it was in fundraising talks with Tencent and other investors. Tencent did not respond to a request for comment.

Meitu to acquire a majority stake in Dajie for US$50.4M – Deal Street Asia

Meitu, the Chinese company behind selfie image-enhancing app, has agreed to acquire a 57.09 per cent stake in Dajie Net Investment, operator of online social networking and job hunting platform for young people in China, DealStreet Asia reported.

The company is being acquired for HK$395.5 million (US$50.4 million).

Meitu will acquire the shares from investors that are exiting the company, including Northern Light Venture Capital, SBCVC, and Hotung Venture Group. Apart from these companies, Fine Talent Holdings and Wenkang are also exiting the startup.

Dajie Net will become a subsidiary of Meitu and will hold a 29.53 per cent share.

Rapid Recruitment Ltd and Hill Ville Ltd will hold 7.28 per cent and 6.10 per cent respectively.

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Image Credit: Kilyan Sockalingum on Unsplash

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