San Francisco-based music social network Smule has raised around ₹147 crores ($20 million) in a funding round from Times Bridge, a strategic investment arm of the Indian media conglomerate The Times Group.
The latest strategic investment will drive Smule’s plans to expand its presence across India, its second largest International market.
As part of the deal, Times Bridge will work with Smule in building communities, collaborations with artists, creating targeted regional programmes and advertising.
The latest funding comes a year after Smule raised $54 million in series H round led by Tencent in May 2017. The round also saw participation from other investors including Shasta Ventures, Cherry Tree Investments, Bessemer Venture Partners, Floodgate, and Adams Steet Partners.
Smule was founded by Jeffrey Smith and Ge Wang in 2008. It provides a music social network that enables users to create, share, and discover music. Smule allows users to sing along with their favourite artists, as well as with other users anywhere across the globe. It claims to have 50 million monthly active users.
Talking about the investment, Jeffery Smith, Founder and CEO, Smule, said, “Indian audiences are passionate about connecting through music. We want to enhance those connections in an authentic way and we are thrilled to partner with Times Bridge to marshal the best of The Times Group on Smule’s behalf.”
The latest investment marks Times Bridge’s third investment this year, previously it invested in film streaming service MUBI and online community and marketplace for home decor and home improvement Houzz.
“Smule is a deeply original, bold idea with a mission of changing the way the world experiences music. Our investment will advance Smule’s music mission across the Indian subcontinent and unlock the creativity of many millions along the way,” Rishi Jaitley, chief executive of Times Bridge.
Times Bridge’s portfolio also includes Airbnb, marketing and advertising company AdAge India, business news website Business Insider, cab-hailing company Uber, and an online learning platform Coursera, among others.