Music streaming service Saavn has raised an undisclosed amount in funding from Hong-Kong based hedge fund Steadview Capital, reports The Next Web. Saavn CEO Rishi Malhotra confirmed the development to the publication. Last month, The Economic Times had reported that Saavn was about to raise about Rs 240 crore funding in a round led by Steadview Capital. Malhotra also hinted at a possible expansion to the Middle East sometime next year. There was also a shuffle of roles within the New York-headquartered company. Malhotra, who was the President till now, has switched into the CEO role. And Founding CEO Vinodh Bhat will take over Malhotra’s previous role, and will also be the new Chief Strategy Officer. Aircel, Saavn team up to launch ‘Aircel Music Mornings’ Aircel has tied-up with Saavn to launch a music-based promotion scheme called Aircel Music Mornings, reports The Hindu Business Line. Aircel users will get free data access to Saavn’s music catalogue between 6-9am throughout the week for one month, as part of this scheme. The scheme is expected to run for three months. For those three hours data usage on Saavn will be free for Aircel pre-paid users. Their existing data packages will not be drained. At present the service is available in Maharashtra, including Mumbai, and in Tamil Nadu and Chennai. Aircel’s Chief Marketing Officer Anupam Vasudev told the publication that the service will be extended to other regions shortly. It’s worth noting that only Aircel subscribers who use iOS and Android-based phones will be…
Saavn raises funding from Steadview Capital; Aircel partnership; Adds 8 lakh international tracks
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