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Saavn scores $100 million in new investment

By | Published on Wednesday 8 July 2015


Indian streaming firm Saavn has just closed on a new funding round, adding $100 million to its cash box which will be used to fuel new product development, customer acquisition and proprietary ad technology to help enhance it’s all important ad-funded service. There’s also talk of a move into video.

Based in New York but focused on the Indian market, Saavn is one of a number of local and international players trying to capitalise on the rapid growth of smartphone usage in India, which is opening up a big market for subscription and especially ad-funded music services. Saavn says it now has fourteen million users and expects to top 20 million by the end of the year.

The latest funding round was led by Tiger Global Management, Bertelsmann India Investments and three other existing investors, with a number of new backers also stepping in. Tiger Global’s Lee Fixel told reporters that Saavn “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”.