Saavn Raises $100mn Led By Tiger GlobalJuly 8, 2015 2015-07-08 8:15
Saavn Raises $100mn Led By Tiger Global
Indian music streaming service Saavn has raised $100mn in Series C funding led by Tiger Global. The company claims it has over 14mn active users, 3mn of whom were added since the end of March this year.
Saavn says it will utilize the funds for long-term product development and customer acquisition. It plans to increase its user base to 20mn by the end of 2015 and will introduce its app for Windows devices.
According to CEO Rishi Malhotra, over 2mn Android devices are sold in Indian each week and music streaming is driving data consumption. The funding comes at a time when Saavn is going up against a giant.
Apple recently launched Apple Music for just Rs 120 per month in India. The move could hurt players such as Gaana and Saavn who offer premium ad free services for a fee.