Australian music streaming service Guvera has raised $100 million in a round of funding from high net worth families and AMMA Private Equity, reports Business Insider. The platform will use the funding to further expand in India. Interestingly, India is the platform’s biggest market where it currently claims to have 6.5 million users, nearly half of its 15 million total user base. For perspective, the platform claims to have 1.4 million subscribers in its home country Australia. The company mentions that in India, it will continue to focus on the ad-funded free-to-play model, as customers are not as willing to pay for services in emerging markets. Guvera launched in India in November last year with a library of over 12 million tracks including Bollywood music. The platform is free and supported by advertisements, though users can also opt for the ad-free premium plan which cost Rs 199 per month. In July, it launched data saving functions in India to reduce data consumption when streaming. Rdio shutdown: Note that Guvera’s funding comes within a month of its competitor Rdio filing for bankruptcy and shutting down. At the time, streaming service Pandora acquired several key assets from the company for $75 million in an all cash deal. Rdio launched operations in India in January this year, after acquiring Dhingana’s operations in March 2014. Groveshark shutdown: In May, online music streaming service Grooveshark also shut shop after admitting to not getting licenses from right holders to stream music on its platform. This shutdown…
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