California based Dhingana which streams free Indian and Bollywood music has raised $ 7 million in series B funding led by Lightspeed Venture Partners. Earlier investors Inventus Capital Partners and Helion Venture Partners also participated in the round. Lightspeed’s Dev Khare is joining the Dhingana’s board, the company said in a statement.
Founded in 2007 by Snehal and Swapnil Shinde, Dhingana is accessed by millions of users across more than 220 countries every month and has collection of over 500000 songs across 35 different genres. Gokul Rajaram, Facebook’s product director for advertising has been appointed as an adviser to the company.
In October, Dhingana hired former Universal Music executive Ashish Joshi as Vice President for Business Development. With 15 million monthly active visitors worldwide, Dhingana is the largest on-demand, streaming Bollywood and Indian music service across the globe, claims Dhingana.
Online consumption of music in India has been on rise, as per FICCI-KPMG report 2012. The Indian online music industry crossed one of the most important milestone 2011 when digital sales overtook physical sales for the first time ever, currently around 55-60 % of music sale happens through digital route. Sales of physical music declined 19 % year-on-year which was compensated by a significant jump of 24 % year-on-year in digital music consumed last year.
John Dougery, Managing Director of Inventus Capital Partners said that the company offers a library and solution that can’t be found on other popular streaming music services like Pandora and Spotify. Gaana.com, Hungama.com, iMusti, Saavn, NH7 and a few others offer similar services in India.
Recommended Read: Online Music Industry in India: A look at Past, Present and Future