Gaana to raise $115 million from Tencent, others

Gaana intends to use the capital to invest in technology to use artificial intelligence (AI) for personalising music experiences, to develop its subscription product for paying users, and develop aligned music experiences, the company said in a statement.

Reuters

February 28, 2018 / 09:16 IST

Music streaming service Gaana said it will raise $115 million from Times Internet and China's Tencent Holdings Ltd.

Gaana intends to use the capital to invest in technology to use artificial intelligence (AI) for personalising music experiences, to develop its subscription product for paying users, and develop aligned music experiences, the company said in a statement.

"As more affordable mobile data plans are driving smartphone penetration in India, we believe growth in the music streaming market will accelerate," said Martin Lau, president of

Tencent Holdings.

Gaana was incubated seven years ago by Times Internet, the digital venture of Times of India, and has over 60 million monthly active users.

Reuters

first published: Feb 28, 2018 09:10 am

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347