Days after Apple’s entry into music streaming avenue,India-based Saavn raises $100 million in capital in a new round of funding from Tiger Global Management and other investors.
Commenting on the matter,Rishi Malhotra, CEO Saavn said, “Music streaming is at the centre of the music industry, and India is one of the most important music economies in the world. With 2 million Androids shipping each week, music is driving data consumption and redefining mobile advertising.” Adding further, he maintained, “We’re excited to add millions of users to the Saavn family and deliver our long-term product vision across multiple platforms. Music is only the beginning.”
With the new investment, Saavn is valued at $300 million to $400 milllion, according to a Saavn spokesman. In total, the company has raised close to $126 million till date.
Lee Fixel, A partner at Tiger Global stated, “The team has built a leadership position in a unique marketplace while at the same time developing a world-class music service. We’re excited to support Saavn as it continues to define India’s mobile entertainment market,” reports HT.
The raised capital will help Saavn give a tough competition to native players like Hungama and Gaana as well as global services like Rdio and Apple Music.