Music streaming service Gaana has raised Rs 375 crore in debt funding from existing shareholders Tencent and Times Internet. The development comes nearly two years after Chinese technology giant Tencent led a $115 million funding in the music streaming service.
“We recently raised Rs 375 crore debt from existing shareholders, Times Internet, and Tencent. Gaana is India’s leading music streaming service with over 185 million monthly active users” a Gaana spokesperson said. Times Internet is the digital arm of The Times Group, which also publishes this paper.
Gaana competes with other music streaming players like Reliance-owned JioSaavn, Amazon Prime Music, Spotify, YouTube Music, ByteDance’s Resso, and Xiaomi-backed Hungama.
Gaana’s fundraise was first reported by the news portal Entrackr.
In July, Gaana had debuted a short video platform HotShots, in a bid to capitalise on the unprecedented demand from consumers following the ban of Bytedance-owned TikTok in the country. The music streaming service has signed up exclusive contracts with several top TikTok influencers onto its platform, ET reported in August.