Saavn raises $100 mn in funding a week after Apple Music launch
Music-streaming service Saavn has raised $100 million in capital in a new round of funding from Tiger Global Management and other investors.Updated: Jul 08, 2015 10:21 IST
Music-streaming service Saavn has raised $100 million in capital in a new round of funding from Tiger Global Management and other investors.
The announcement comes days after Apple's entry into the music streaming space in India.
"Music streaming is at the centre of the music industry, and India is one of the most important music economies in the world. With 2 million Androids shipping each week, music is driving data consumption and redefining mobile advertising," Saavn CEO Rishi Malhotra said.
"We're excited to add millions of users to the Saavn family and deliver our long-term product vision across multiple platforms. Music is only the beginning."
Tiger Global, which announced the investment in a statement, did not disclose the names of the hedge funds and individuals.
The new investment values Saavn at $300 million to $400 milllion, according to a Saavn spokesman. The company has raised close to $126 million, including the latest round.
“The team has built a leadership position in a unique marketplace while at the same time developing a world-class music service,” Lee Fixel, a partner at Tiger Global, said. “We’re excited to support Saavn as it continues to define India’s mobile entertainment market.”
The new funding will help Saavn compete with domestic music streaming providers such as Hungama and Gaana as well as global services like Rdio and Apple Music. Apple Music arrived in India last week with the launch of its new streaming service in 100 countries.