As per the Corporate Affairs Ministry files, Gamma Gaana Limited (1), parent company of Gaana, received 47,050 Series B funding. It was unsecured, exchangeable debentures. The nominal price for it was approximately 63, 761.93 INR to Tencent Cloud Europe. The amount reached to 299,99,98,806.50 or about 41 million USD. Times Internet has infused in 11,763 shares that worth 75,00,31,582.5 INR or 10 million USD.
As per the early regulatory filings, the board of directors notified the proposal in a meeting on 10 July 2020. As per the spokesperson of Gaana, the startup is India’s leading platform for streaming music. It has over 185 million monthly active users. He further confirmed the reports and stated that Times Internet has incubated the platform and is its majority owner.
In early 2020, Gaana reached on top as the most prominent music streaming firm in India. The platform has over 30% of the market in January. As per the record, the platform has over 150 million monthly active users in December 2019.
Gaana to Make Further Innovations to Improve its User Experience
Prashan Agrawal, CEO of Gaana, stated that the Gaana team is continuously innovating as the top in the industry. The platform is improving the user experience to advance to the first-generation internet users. The team is also gaining a root understanding of the music preferences of Indians. He added that it would help the team get on board with the upcoming quarter-billion from India’s Tier-II and III cities into the music streaming industry.
As per the OTT Audience Measurement Insights, the audio streaming platforms of India are overpowering foreign entities. After Gaana, JioSaavan has over 24% market share and Wynk with a 15% market share. The music giant across the globe, Spotify, is controlling about 15% market share in India and Google Pay Music with only a 10% market share. The trail is followed by Apple Music, Amazon Prime Music, YouTube Music.
Gaana aims to become profitable by operations by 2022. At present, the majority of its revenues are coming from ads. However, the company is expecting that its revenue from ads and subscriptions will be balanced by 2023. Notably, over 90% of the Gaana users are unpaid subscribers at present.
Author: Rucha Joshi
Source : https://timesnext.com/gaana-secures-51-million-usd-from-tencent-times-internet/
Date : 2020-09-02T06:12:45.000Z