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Guvera raises $100M to expand operations in India

guvera

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 was a part of a settlement between Grooveshark and record companies Universal Music Group, Warner Music Group and Sony Music Entertainment. Grooveshark is unlikely to be resurrected.

Other developments:

– Earlier this month Aritel’s music streaming app Wynk claimed to have hit 12 million downloads since its launch.

– In October, handset maker Micromax invested an undisclosed amount in the music streaming service Gaana.

– In July, Saavn raised $100 million in Series C funding from existing investor Tiger Global Management and others. It had 14 million active users then.

– In April, digital entertainment company Hungama tied up with Saregama to add over 100 playlists and over 25 radio stations to different eras, musicians, composers and artists.

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ