Gaana, the music and podcast streaming platform, announced that it has raised $50 million in a fresh round from existing investors Tencent and Times Internet.
The investment comes after two years when Tencent led the $115 million funding round in the music streaming platform. Earlier, Tencent had invested in Khatabook, DoubtNut, Pratilipi and Swiggy.
According to regulatory filings, Tencent invested $40 million through its European entity Tencent Cloud BV and Times Internet has invested $10 million in the fresh funding round.
Gaana has allotted 58,813 optionally converted debentures at Rs 63,761.93 per share to raise the aforementioned sum. Following the investment, Tencent’s holding in Gaana has increased to 34.44% and Times Internet’s stake has been diluted to 60.18%.
In July, Gaana had debuted a short video platform HotShots, 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.
Gaana faces stiff competition from other music streaming players like JioSaavn, Amazon Prime Music, Spotify, YouTube Music, ByteDance’s Resso, and Xiaomi-backed Hungama.
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