Jul 22, 2019 - Economy

Malaysian video subscription service iflix raises $50 million pre-IPO

Dan Primack

Illustration of an old TV — Illustration: Rebecca Zisser/Axios

Iflix, a Malaysia-based streaming video subscription service focused on Southeast Asia and the Middle East, raised over $50 million in what it refers to as pre-IPO funding.

Why it matters: Netflix needs to expand in emerging markets, as its recent subscriber numbers suggest saturation in its core geographies. Iflix, which claims to have nearly doubled active users to 17 million in the past 6 months, presents one of several homegrown hurdles.

Fidelity International led, and was joined by return backers Catcha Group, Hearst, Sky and EMC.

The bottom line: "iflix is setting the stage for a listing, set to take place either on the Australian Securities Exchange or the NYSE, which could value the company at more than $1 billion," writes Ardi Wirdana of DealStreetAsia.

Go deeper: Netflix stock sinks after U.S. subscriber loss

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Malaysian video subscription service iflix raises $50 million pre-IPO

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