Times Internet targets to be USD 1 bn revenue company by 2025

Digital content and services firm Times Internet Limited, which owns platforms like Gaana, MX Player, Dineout, on Thursday said it aims to become a USD 1 billion revenue company by 2025.

Digital content and services firm Times Internet Limited, which owns platforms like Gaana, MX Player, Dineout, on Thursday said it aims to become a USD 1 billion revenue company by 2025. The company said its revenue grew 24 percent to Rs 1,625 crore in the financial year 2020.

"We aspire to reach 1 billion Indians and become a USD 1 billion (about Rs 7,300 crore) revenue company by 2025, and we've built the foundation to help us get there," Times Internet Vice-Chairman Satyan Gajwani said in a blog post. Times Internet claimed to have crossed 11 crore daily active users and 55.7 crore monthly active users in FY20, with MX Player accounting for around 20 crore monthly users.

"We continue to be the largest digital platform in India, outside of Google and Facebook. Within our asset base, our music and video platforms (Gaana and MX Player) were fastest growing, with over 75 percent user growth. "Our news platforms grew 31 percent. Across news and entertainment, our non-English audience growth is outpacing English growth by an average 4:1 ratio," Gajwani said.

The company's advertisement revenue grew 22 percent in FY20, while annualized gross merchandise value (GMV) in transacting businesses grew 68 percent, with net revenues growing 75 percent. Revenues for emerging transaction business Qureka grew 8 times, Gradeup 4 times, and Dineout 2.4 times, according to the blog.

"Our entertainment footprint in particular has grown rapidly. Between Gaana and MX, we reach nearly 400 million users every month, spending over 115 billion minutes, across music and long-form video. We will focus on expanding our offerings in gaming and short-form video in the year ahead," Gajwani said.