Music streaming service, Saavn, has raised an undisclosed amount in funding from Guy Oseary, the CEO of Maverick records. Oseary, who manages international artists such as U2 and Madonna, will be joining Saavn as a partner to help them strengthen its music streaming platform in India.
Oseary also manages other famed artists including Paul McCartney, Nick Minaj, Miley Cyrus and Britney Spears. It’s worth noting that Oseary started an venture capital firm with actor Ashton Kutcher called A-Grade Investments and its portfolio includes Spotify, SoundCloud and Shazam.
The company also informed that they working on different artist collaborations for Saavn, with the help of Oseary. Note that in October last year, Saavn had launched a new series of live acoustic shows and interviews with popular international and Indian artists called Live@Saavn.
Saavn has been increasingly focusing on original content and announced the launch of nine original audio shows in April. At the time, it also said that it might get into video next but did not provide a timeline. Earlier this month, FremantleMedia, informed that it would be streaming its Facebook series ‘Confessions: It’s Complicated’ in audio format on Saavn.
New York-headquartered Saavn says that it has 20 million tracks and streams to 196 countries in 13 languages. Saavn had claimed to have about 14 million active monthly users in July 2015.
Past Funding: In July last year, Saavn raised $100 million in a funding round led by Tiger Global and from other existing investors. The company had also added new investors Quilvest, a Hong Kong-based hedge funds company, and a group of strategic individuals in that funding round. In August 2014, Saavn had raised an undisclosed amount in funding from Hong-Kong based hedge fund Steadview Capital.
In April 2015, it had launched Saavn Social, a set of in-app social features which included the ability to tag, follow, chat and share playlists, profiles, celebrities and listening activities with other users on Saavn.
In March 2015, it had added a new music sharing feature which would notify users when a celebrity added a new song to their playlist apart from letting users share their songs with their friends.