As Amazon Prime Music is building ground for its entry in the Indian online music streaming space, the home-grown digital music service provider Gaana has also gird up its loins. The company is raising $115 Mn from Tencent and Times Internet in order to boost the user experience on its platform and strengthen its tech.
As shared by the company, it intends to use AI to personalise music experiences for each consumer, to further develop its subscription product for paying users, and to develop aligned music experiences for Gaana consumers.
Commenting on the development, Martin Lau, President of Tencent Holdings stated, “As more affordable mobile data plans are driving smartphone penetration in India, we believe growth in the music streaming market will accelerate. By investing in and collaborating with Gaana, we look forward to bringing more innovation and better experiences to all Indian music lovers.”
Gautam Sinha, CEO of Times Internet, stated, “We are happy to welcome Tencent as a partner in Gaana and benefit from their global learnings. Gaana has demonstrated exponential growth over the years. Tencent operates the largest 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.”
Tencent is the majority shareholder of Tencent Music Entertainment and also operates Joox, one of the leading music streaming platforms in South East Asia.
Gaana was incubated seven years ago by Times Internet. The company had also raised an undisclosed amount from Micromax Informatics in venture round of funding in 2015.