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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. Financials - 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. - 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…

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