wordpress blog stats
Connect with us

Hi, what are you looking for?

Music service Guvera, with half its users from India, files for a $57.6M IPO


Australia based music streaming service Guvera is looking to raise up to $56.7 million (about Rs 390.7 crore) through an initial public offering (IPO), as it looks to compete with Apple Music, Spotify, Pandora and others. The offer price is AUD$ 1 per share.

Guevara says it has over 14 million users across the 10 markets, of which only 3,655 are paid users (as of May 27, 2016). Interestingly, Guvera claims to have 7 million users in India, as of May 2015, which means almost 50% of its users are based in India. For perspective, the platform claims to have 1.4 million subscribers in its home country Australia.

The company also informed that in FY2015, Guvera’s subscription revenue accounted for 6.22% of Guvera’s global revenue. Note that Guvera follows the July 1 to June 30 financial year.


– For the financial year ended June 30 2015 (FY2015), Guvera reported revenues of $864,000, as compared to $288,000 in FY2014. However, it reported net losses of $58.4 million for FY2015, as compared to net losses of $21.3 million FY2014.

Advertisement. Scroll to continue reading.

– For the half year ended December 31, 2015 (HY2016), the company reported revenues of $864,000 and net losses of $40.1 million.

– For the period 1 January 2016 to 31 March 2016, Guvera recorded a net loss after tax of $18.4 million.

Following the IPO, Guvera plans to focus on 10 markets: Australia, the US, India, Russia, Mexico, Indonesia, the Philippines, Saudi Arabia, the UAE and Vietnam.

Guvera India expansion plans

In November last year, Guvera had raised $100 million in a round of funding from high net worth families and AMMA Private Equity, which the platform planned to use to fund further expansion in India. At the time, the company had mentioned 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 2014, 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 last year, it launched data saving functions in India to reduce data consumption while streaming.

Advertisement. Scroll to continue reading.

Key Dates

  • Offer opens – June 14, 2016
  • Offer closes – July 8, 2016
  • Settlement of the Offer – July 13, 2016
  • Expected issue and allotment of shares – July 14, 2016

Download: IPO Prospectus (pdf)

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.


In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...


By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...


By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...


By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

You May Also Like


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ