- Briefing Your roundup of Asian tech and startup news that matter
Miguel Cordon · · 1 min readIndian audio streaming startup Gaana raises $50m in Tencent-led round
The new funding, which included participation from Times Internet, will help the startup compete with global platforms Spotify and YouTube Music, as well as local rivals Wynk and JioSaavn.
Tencent’s holding in Gaana has increased to 34.44%, while Times Internet’s stake has been diluted to 60.2%.
The startup was valued at roughly US$530 million in the current round, the report said citing Fintrackr estimations.
The new funding comes after Gaana’s recent launch of its short video app HotShot, which swooped in after India’s ban on TikTok. The startup claims to have over 185 million monthly active users on the platform and targets to reach more than 250 million by March next year.
Meanwhile, Gaana competitor JioSaavn has started allowing its users to create short videos on a partner short video app, called Triller.
Editing by Terence Lee
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
