Music streaming major Spotify is working on launching its service in India, co-founder and CEO Daniel Ek confirmed during the company's investor day presentation. "We are working on launching in some of the biggest markets in the world, including India, Russia and Africa," Ek said during the presentation. Details on the supposed launch though are very thin as Ek did not announce any specific time frame for launching in the country. Spotify which is about to go public soon via a method known as 'direct listing' had, in its public offering filing, disclosed some additional details about its presence in India. In the filing, the company mentioned that it has leased office space in India, and indicated that it has dedicated employees in India as well, though the company didn’t mention any number. With regard to the process Spotify follows before entering a new market, it said: Before launching in a new market, we typically optimize the local Spotify experience for local music preferences. We seek to obtain the rights to popular local content and have local curators where it makes sense. The Economic Times had reported that Spotify has hired Akshat Harbola as the head of its India operations. Spotify in numbers The company posted revenues of €4.09 billion in FY17, as compared to €2.95 billion in FY16, and €1.94 billion in FY15. However, its losses doubled to €1.24 billion in FY17, from €539 million in FY16. In FY15, it had reported losses of €230 million. As of December 31, 2017, Spotify operated in 61…
