Music streaming service, Saavn has raised an undisclosed amount in funding led by former Vodafone CEO Arun Sarin. This news comes in just 2 months after it had raised $100 Mn Series C round.
Sarin will be joining Saavn as a strategic advisor.
“Music streaming is a core app on today’s smartphones, and Saavn is superbly positioned to grow rapidly in the fast expanding smartphone market in India. As an innovative and nimble music streaming company, at the heart of one of the world’s most valuable markets, Saavn hits all the right notes. I look forward to working with the Saavn team on the company’s continued progress,” Sarin said.
Saavn is also announced the following growth milestones today:
- 10x increase in daily active users in India since 2014
- 20 Mn + songs
- Over 250 Mn streams per month
- A global team of 145 people across 5 offices
- 18 Mn monthly active users
“As we continue to build a world-class mobile entertainment company, we believe in collaborating with the best partners in the world. With over 90% of our usage driven by smartphones, Saavn users are moving data plan transactions and driving data engagement at an incredible pace. In the coming months, you’ll see us work more deeply with carriers in India and additional territories,” Rishi Malhotra, Co-Founder and CEO of Saavn, said. “We’re honored to have the support of Arun, who brings unmatched industry insight, experience, and instincts to our business.”
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