SITENAME Logo

iflix looking for a buyer as losses increase.

The company also shelved its IPO plans earlier this year.


iflix looking for a buyer as losses increase.

SouthEast Asian video streaming platform, iflix, is reportedly in talks for a sale as the company suffers increased losses, according to a recent news post from Nikkei.

According to the report, iflix declared a net loss of $158.1 million in 2018, and as of September 2019, the company had just $12.7 million in cash reserves.

Co-founders of iflix, Patrick Grove and Luke Elliot.

This comes after co-founders Patrick Grove and Luke Elliot resigned from the company in early April, with Ryan Shaw and John Zeckendorf being appointed as new members to the board.

Both Ryan and John are principals of Australia-based Mandala Asset Solutions, which describes itself as "experts in distressed asset situations".

The iflix app.

iflix was reportedly raising $50 million back in January after its IPO plans were deferred.

With time running out, there is a high possibility of the company tipping into insolvency without new injection of funds.

The company is targeting to close the acquisition deal by end of the month, with potential acquirers believed to include companies from China.

BEAMSTART is a global business community with the aim of connecting people to opportunities. Expand your network, discover new possibilities, and explore a vast database of resources that can help you go further in your business and career.

 

Download the App

Never miss an opportunity again. Be part of the global community of CEOs, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:

© 2016 - 2020 BEAMSTART. All Rights Reserved.