Bengaluru: Saavn, the New York based music streaming service, raises $100 million in its Series C round of funding from Tiger Global, taking the overall company value to about $400 million. Existing investors Bertelsmann India Investments, Steadview Capital, Liberty Media and Mousse Partner also participated in the round. The company will utilize the funds to strengthen its product development, customer acquisitions, improving its ad technology and expand its sales force by obtaining new content and videos. It is also planning to launch a video streaming service.
Established in 2007 by Vinodh Bhat, Paramdeep Singh and Rishi Malhotra, Saavn is India’s leading digital music service that has enabled the people across the world to access and experience music on daily basis. It offers a combination of internet radio and on-demand music along with features like music tagging and chat, thereby providing a richest music experience on mobile and web every day.
The company also has its Android and iOS based apps, where it has launched Saavn Pro which brings offline and ad-free listening options to its users. It earns its revenue from advertisements on its free services and ad-free subscriptions. Saavn claims to have a catalogue of 1.1 million songs which are being visited by 14 million active monthly users and is expected to cross 20 million users by the end of the year. The company has its offices in five locations across India and U.S., and has recently tied up with T-Series, adding it to its branded labels list which includes Sony, Tips, Yash Raj, Universal, Warner and EMI.