Update: NextBigWhat had earlier reported that the deal was for Rs2 Crore, but this has been denied by Times Internet CEO Satyan Gajwani. Earlier: Times Internet has acquired Musicfellas.com, an online marketplace for independent artists to sell their songs that was launched in 2012. Though Musicfellas has songs from 700 indie artists, it must have been difficult for the company to establish itself in a Bollywood-centric music market dominated by Gaana and Saavn. Dhingana, the third player in the music streaming market has faced a few issues and there were rumours of it shutting down. However, Dhingana CEO Rohit Bhatia had told Medianama that it was restructuring and not shutting down. It is possible that Musicfellas was acquired just when it was about to shut down its operations. It needs to be noted that Shubhranshu J, one of the co-founders of Musicfellas had left the company a while back to join ZipDial. For Times Internet, this is a win as they get access to the great library of indie artists Musicfellas has built up over a year. The Musicfellas team is joining Gaana, but it's not clear if Times Internet will continue to operate Musicfellas as a separate site. Its CEO Mayank Jain will be joining Gaana as developer evangelist. We had reported earlier about the company's plan to open up its music API to other developers. Once they integrate, Gaana will be able to distinguish itself from Saavn and Dhingana which promote only Bollywood music on its homepage. Gaana on the other hand, has a good mix of the Indian…
