Music streaming platform Gaana has raised funding of $115 million from Chinese Internet giant Tencent and its parent Times Internet.
Gaana plans to use the funds to invest in artificial intelligence, product development and enhance user experience nd to further develop its subscription product for paying users.The music streaming company claims to have over 60 million active users. a
Gautam Sinha, CEO Times Internet, said in a statement that Tencent operates the music streaming business in China, and “we look forward to working closely with them to continue to innovate and drive the digital music market in India.”
He further added, “Gaana has demonstrated exponential growth over the years. Music streaming is the future of music consumption globally, and in India, we are only 10% of the way towards building a business useful for 500 million Indians.”
Gaana is aiming to cross 200 million active users mark in three years and is already improving its Social platform which recommends songs based on what friends and family are listening. Gaana Originals platform has more than 100 million playouts. Digital music service in India is expected to cross Rs 3,100 crore in revenue by 2020 with over 273 million online active music listeners.