So far, the Tiger Global-backed company has acquired at least 17 companies between October 2021 and December 2022 but has gone slow on its acquisition spree after that.
The American e-commerce giant has recruited one of the Big Four accounting firms to conduct exclusive due diligence on MX Player, according to one of the sources who requested anonymity. The process is anticipated to take 30 to 40 days.
Swiggy did not disclose the size of the deal and said that Dineout would continue to operate as an independent app.
The deal marks Tencent's second investment into a Times Internet asset, after it invested in Gaana - a music streaming platform - in 2018.
Gaana intends to use the capital to invest in technology to use artificial intelligence (AI) for personalising music experiences, to develop its subscription product for paying users, and develop aligned music experiences, the company said in a statement.
Times Internet, the digital product company owned by media conglomerate BCCL, is looking to be a billion dollar firm in the next five years, riding on the back of greater reach and high growth of Internet penetration.
The company runs a personal assistant mobile application that helps its user book a cab, recharge mobile phone, find out nearby ATMs, bus stop, petrol pump, chemist etc by click of a button using artificial intelligence technology and partially human interface.
Times Global Partners is a platform which supports launch and expansion of emerging global digital companies in India.
Telecom regulator Trai is expected to release this week its recommendations on free data services in the wake of its ban on free Internet platforms like Facebook's Free Basics and Airtel Zero.
The company has crossed 175 million unique monthly visitors and "is on track to cross Rs 1000 crore in net revenue this fiscal year," it said.
This is the second co-branded card launched by Times Internet with HDFC Bank, after launching a (co-branded) credit card targeted at the entertainment segment in 2013.
Consequently, Times Internet is now an investor in Girnar Software, alongside Sequoia Capital, Hillhouse, Tybourne, Ratan Tata and HDFC Bank, Girnar Software said in a statement.
The companies, however, declined to comment on the amount being invested and the percentage of stake being picked up. TOF is the second Indian entity to invest in Uber after The Times of India group's Times Internet bought a small stake for about Rs 150 crore in the US-based company in March.
Times Internet, the wholly-owned subsidiary of Bennett, Coleman & Company, is the digital arm of the Times of India Group. The deal comes months after Uber was banned after a rider, in December, alleged that she was raped by a Uber driver.
Under the agreement, Times Internet will work on promotions to increase awareness about Uber and also help the US -based taxi company localise its services for India.