SvoD platform Iflix, based in Malaysia, has sold the rest of its shares in African broadcast network Kwese Iflix to Econet, already an investor in the business, TechCrunch reported. No financial details were disclosed. Iflix said it will now turn its attention to the Asian market. “The acquisition by the Econet Group, our regional partner and Africa’s leading broadcast network, is a significant milestone for the African business, and further reinforces Iiflix’s commitment to our core markets in Asia, particularly Indonesia, Malaysia and the Philippines which continue to grow from strength to strength,” Iflix co-founder and CEO Mark Britt said.
Iflix has raised nearly USD 300 million to date from investors such as Sky, US Hearst Communications, Liberty Global and Malaysia-based Catcha Group. Its most recent funding round took place in August 2017, and brought in USD 133 million.
Econet’s Kwese started investing in Iflix in February of this year, creating the Kwesé Iflix joint venture. Iflix has been gradually letting go of its stake in the operations since then. Kwese Iflix is present in eight countries, including Nigeria, Ghana, Kenya, Uganda, Tanzania, Ethiopia, Zambia and Zimbabwe. It is planning to launch in four more countries in the near future.
