Guvera is an Australia-based streaming service founded in 2008 by Claes Loberg, Brad Christiansen and Darren Herft.
The recent funding is being managed by JP Morgan and was led by high net worth individuals, said Darren Herft, CEO, Guvera to Financial Review. Herft also founded the AMMA Private Equity.
The streaming service plans to take on Spotify and Apple Music by targeting emerging markets to gain an upper-hand over its competitors. CEO Darren Herft, termed the funding round as a “pre-IPO round”.
The IPO is yet to be finalized as the company has to choose between Australian Securities Exchange or Nasdaq in the US.
“A number of wealthy Australian families have been looking for new opportunities in the tech and digital space … but more specifically in mobile and digital. Guvera presents an opportunity in this space, and it’s growing quickly in Asia,” said CEO Darren Herft. [Source]
The service has just started to spread in India and they will use the fresh funds to propel growth and impress prospective investors.
Guvera Looking To Expand In India, Signs Deal With Reliance Jio
Since its launch in India a year ago, the streaming service has garnered over 6.5 million users in the country. Most of its revenue came from ad-funded free model, with a small subscription service.
Guvera has signed a deal with Reliance Jio and have partnered with Jio’s ‘Switch-and-Walk’ initiative—a program that will help Guvera to expand in 120 stores across India, reports RMbiz. Jio will distribute the Guvera app through its retail and digital platforms.
The company has also signed a deal with Merlin Network—agency comprising of rights holder from independent records worldwide. Through the Merlin deal the company is eying countries like Indonesia, Malaysia and Philippines.
Globally, Guvera has over 15 million users as CEO Herft claims that the service taken in about 35,000 users a day. “There were 5000 users that listened to Guvera every single day in October,” he said.