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Gaana to raise funds for expansion
MUMBAI: Music streaming service Gaana is reportedly evaluating external funding options to scale up its operations.
Operated by Times Internet Ltd, Gaana is backed by Bennett, Coleman and Co. Ltd (BCCL) since its inception five years ago.
The Times Group has invested $25 million in Gaana.
“We are evaluating inbound offers for external fund-raising,” Times Internet CEO Satyan Gajwani told Mint.
Gaana has crossed 22 million downloads across Android and iOS and garnered 16 million monthly active users.
“The total user base in this category is still very small. The opportunity is so much larger than where we are right now. In India, most people typically have four to five apps on their phone. WhatsApp and Facebook take the two top slots, music usually comes into this list before e-commerce and that’s what defines the potential of this category,” Gajwani told the business daily.
Gaana has a library of 10 million songs across Hindi, regional and international music.
The service recently launched its second ad campaign on 21 June with the tagline ‘Dil Ka Gaana’. The ad captures and follows a love story between two characters. The song for the campaign has been composed by Amit Trivedi and sung by Ash King and Neeti Mohan.
Recently, Saavn raised $100 million from venture capital firm Tiger Global. Founded in 2007, Saavn is a digital distributor of English, Bollywood and regional Indian music in over 200 countries. It has 14 million monthly active users.