{"id":86390,"date":"2021-06-29T19:00:00","date_gmt":"2021-06-29T18:00:00","guid":{"rendered":"https:\/\/routenote.com\/blog\/?p=86390"},"modified":"2024-02-20T10:07:31","modified_gmt":"2024-02-20T10:07:31","slug":"tencent-invests-40m-in-gaana","status":"publish","type":"post","link":"https:\/\/routenote.com\/blog\/tencent-invests-40m-in-gaana\/","title":{"rendered":"Tencent invests $40m in Indian music streaming app Gaana"},"content":{"rendered":"\n

Image Credit: Gaana<\/a><\/em><\/p>\n\n\n\n

Tencent Holdings, which already owned a third of Gaana, have increased their investment in the Indian music streaming platform.<\/span><\/h2>\n\n\n\n

Indian Spotify<\/a> rival Gaana<\/a> has gained further investment from Tencent. The music and podcast app is one of India\u2019s<\/a> biggest music streaming platforms. <\/p>\n\n\n\n

Chinese music giant Tencent<\/a> already owned a third of Gaana, and the latest round of debt funding sees it invest another $40 million through its European subsidiary Tencent Cloud Europe.<\/p>\n\n\n\n

Entrackr stated that<\/a> regulatory filings show Gaana\u2019s board has issued 47,050 Series C OCDs at an issue price of Rs 62,397.53 each share to raise Rs 298.58 crore \u2013 or $40 million. And more money is likely to be invested at a later date.<\/p>\n\n\n\n

Gaana is one of India\u2019s<\/a> quickest-rising music streaming platforms. Last February Gaana<\/a>, owned by Times Internet, reached 152 million active users<\/a> \u2013 by September 2020, that figure had risen to 185 million. It subsequently had a target of March 2021 in its sights to hit 250 million monthly active users.<\/p>\n\n\n\n

Tencent<\/a> has backed Gaana since its first minority stake in the streaming platform in February 2018<\/a>. In its last debt round Gaana raised $50 million from Times Internet and Tencent \u2013 Tencent’s<\/a> stake was 34.44% and Times Internet\u2019s was 60.18%.<\/p>\n\n\n\n

Gaana is currently valued at between $570\u2013$580 million. In India, JioSaavn<\/a> is Gaana\u2019s main streaming competitor<\/a>, with 253 million downloads to Gaana\u2019s 227 million.<\/p>\n\n\n\n

Tencent\u2019s reinvestment in Gaana comes as India\u2019s first music chart tracking streams of international music<\/a> launches. Music streaming in India has continued to boom<\/a> in popularity since Spotify<\/a> and YouTube Music<\/a> arrived in 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tencent Holdings, which already owned a third of Gaana, have increased their investment in the Indian music streaming platform.<\/p>\n","protected":false},"author":24,"featured_media":13858,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[8507,27311,27310,27312,27309,27308,4083,11979,27077,20377,6859,15251,22006,10200],"acf":[],"yoast_head":"\nTencent invests $40m in Indian music streaming app Gaana - RouteNote Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/routenote.com\/blog\/tencent-invests-40m-in-gaana\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tencent invests $40m in Indian music streaming app Gaana - RouteNote Blog\" \/>\n<meta property=\"og:description\" content=\"Tencent Holdings, which already owned a third of Gaana, have increased their investment in the Indian music streaming platform.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/routenote.com\/blog\/tencent-invests-40m-in-gaana\/\" \/>\n<meta property=\"og:site_name\" content=\"RouteNote Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-29T18:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-20T10:07:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/routenote.com\/blog\/wp-content\/uploads\/2018\/03\/Gaana.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1420\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Madeleine Amos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/routenote.com\/blog\/#organization\",\"name\":\"RouteNote\",\"url\":\"https:\/\/routenote.com\/blog\/\",\"sameAs\":[],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/routenote.com\/blog\/#logo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/routenote.com\/blog\/wp-content\/uploads\/2020\/11\/routenote-logo.jpg\",\"contentUrl\":\"https:\/\/routenote.com\/blog\/wp-content\/uploads\/2020\/11\/routenote-logo.jpg\",\"width\":1000,\"height\":1000,\"caption\":\"RouteNote\"},\"image\":{\"@id\":\"https:\/\/routenote.com\/blog\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/routenote.com\/blog\/#website\",\"url\":\"https:\/\/routenote.com\/blog\/\",\"name\":\"RouteNote Blog\",\"description\":\"The World of Digital Music - 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