MUMBAI: Chinese internet giant Tencent Holdings Ltd purchased "content, technology, and resources" of Southeast Asia focused iFlix. According to reports, it will not take on iFlix’s debt while it will expand the latter’s geographic reach in a key area of growth. 

iFlix had raised over $300 million and achieved more than 25 million active users in Southeast Asia. Reports also indicated it was still struggling as it was facing significant accumulated losses and financial difficulties. 

“This is in line with our strategy to expand our international streaming platform, WeTV, across Southeast Asia and provide users with international, local and original high-quality content in a wide range of genres and languages,” Tencent was quoted saying.

Even it let go about 50 staff earlier this year and did not carry out an initial public offering in May. Its rival HOOQ also filed for liquidation soon after lockdown started.