Saavn, India’s largest music streaming company, has raised $100 million (around Rs.635 crore) in Series C round of funding, led by Tiger Global Management. Existing investors Bertelsmann India Investments, Steadview Capital, Liberty Media and Mousse Partners also participated in this third round of funding.
Saavn will use the freshly raised funds on product development and customer acquisition. It will also invest the money in its proprietary ad technology, grow the sales force and strike new content deals. The fresh funding now values Saavn at $300-400 million.
The company is also adding new global investors like Quilvest, a Luxembourg-based company that specializes in private equity and wealth management and Hong Kong-based hedge funds.
With Saavn as 20th India investment by Tiger Global in year 2015, the firm has been on investment spree funding range of tech-startups in India. Just 3 days back, Jaipur-based language learning platform CultureAlley recieved $5 million From Tiger Global.
Notably, in first four months of 2015 the New York-based Tiger Global Management has emerged as the top investor in startups in India with investments of $269 million to 11 deals in January-April period, as against the $10 million for a single deal for the like period in 2014.
Saavn was founded in 2007 by Rishi Malhotra, Paramdeep Singh, Vinodh Bhat, Anurag Gupta, is headquartered in New York and has offices in Mumbai, New Delhi, Bangalore, and California. So far, the company has raised about $10 million in two rounds of funding.
Saavn currently has 7 million+ tracks in 11 languages: Hindi, English (India only), Tamil, Telugu, Punjabi, Marathi, Gujarati, Bengali, Kannada, Malayalam, and Bhojpuri. The company has 900+ label partnerships and growing, including T-Series, Tips, YRF, Saregama, Eros, Universal, Sony, and Warner Music.
Saavn is said to be working with teams at Microsoft to launch Saavn on Windows in August 2015.
According to a report by Deloitte India, digital music industry in the country is expected to cross Rs 3,100 crore in revenue by 2020, while the number of online music listeners in India is expected to reach 273 million.