Times Internet’s streaming music service Gaana has acquired Musicfellas, an indie music platform for an undisclosed amount. Gaana will now have access to the Musicfellas catalog which consists of music from over 700 independent artists and it plans to shut the site.
Musicfellas was incubated by TLabs, the incubator run by the Times Group. The deal was for about
Rs 2 cr, Rs 50 lakh we’ve heard. It appears that Times Internet saw value in the relationships that Musicfellas has built with Indie musicians. It’s also an acqui-hire. Mayank Jain, one of the founders, told NextBigWhat that they’ll be joining the Gaana team as co-founders.
The company wants to build a suite of applications around Gaana and have a developer ecosystem around it, according to Pawan Agarwal, the Business Head at Times Internet who handles Gaana. The company has plans to open up APIs for Gaana.
Musicfellas was founded in 2012 by Mayank Jain, Gaurav Sahlot and Shubhranshu Jain.