Indian Music Streamer Saavn Raises $100 Million, Adding 1 Million Subscribers Monthly
Apple Music launched last week in 100 countries; and that only begins to give you an idea of how big the potential is for streaming music. That universe expands even farther if the industry can bring affordable options to less affluent markets like India, China and Africa.
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Indian streaming music service Saavn has raised a $100 million Series C round of funding at a $300-400 million valuation. The round was led by Tiger Global alongside existing investors Liberty Media and Bertelsmann.
The new money will finance the addition of video to the platform.
The company also announced that it is adding 1 million users a month. It now has 14 million users. In India, Savvn offers free ad-supported access to millions of mostly local tracks.
Spotify has not yet launched in India. Gaana and Rdio are its primary competition there.
