Indian music streaming company Saavn has closed $100 million in a new funding round led by Tiger Global Management.
Saavn will use the funds for product development and customer acquisition. The company is also investing in its proprietary ad technology, growing the sales force, and bagging new content deals.
The installation of Saavn music app is growing by over 1 million users a month. Since announcing 11 million monthly active users in Q1 2015, the company has increased its monthly active user base to 14 million users. Saavn aims to cross 20 million users in 2015.
Recently, Saavn released a major update to its Android product, with an iOS update to follow in the coming weeks. The company is also working with teams at Microsoft to launch Saavn on Windows in August 2015.
In addition to Tiger Global Management, existing investors Bertelsmann India Investments, Steadview Capital, Liberty Media, and Mousse Partners are participating in Saavn’s Series C round.
The company is also adding new global investors Quilvest, additional Hong Kong-based hedge funds, and a number of strategic individuals in this round.
“India is one of the most important music economies in the world. With 2 million Androids shipping each week, music is driving data consumption and redefining mobile advertising,” said Rishi Malhotra, CEO and co-founder of Saavn.
Tiger Global Management has invested in some of Internet companies such as Flipkart, Ola Cabs, Hike Messenger, and Culture Machine.
editor@telecomlead.com
