Music streaming service provider Gaana to raise Rs. 749 crore from Tencent and Times Internet

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There is a battle going on in India among the online music streaming service providers to be the market leader. And with new service providers aiming to enter India, the battle is going to intensify.

Thus, in order to strengthen its position in the market, streaming service provider Gaana is reportedly looking to raise about Rs. 749 crore ($115 million). The funding will come from its parent company Times Internet as well as from China’s Tencent.

The company will spend the incoming capital to improve the user experience as well as to strengthen its technology infrastructure. The company says that it also intends to use Artificial Intelligence to personalise music experience for every customer. Gaana will also be developing its subscription product for paying users.

Commenting on this, Martin Lau, President of Tencent Holdings, said in a statement, “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 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.”

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