Music Streamer Gaana Raises $115M Round Led By Tencent
Gaana has raised $115 million, as the music streamer's home market of India continues to attract new competitors. Leading the round is Chinese internet giant Tencent, who has become a steady supporter of streaming music globally.
Like Spotify, Gaana offers users both free and paid streaming tiers. The startup has not shared its user stats, but CEO Prashan Agarwal said the company is “only 10 percent of the way towards building a business useful for 500 million Indians.”
In December, Tencent and Spotify swapped shares in a move designed to strengthen each company's negotiating power. Thus far, Spotify has not entered the Indian market, though it is rumored to be exploring it.
Amazon Prime Music Launches In India
Today, Amazon rolled out its Prime Music service in India, as part of its overall Prime package. Rs. 999/$15 USD annual Amazon Prime memberships also include shipping, video and other perks. Competitors like Gaana, market leader Saavn, Apple Music and Google Play Music charge between Rs. 1,200 ($15) and Rs. 1,440 ($22) yearly, just for music in India.