Avendus Advises Gaana on USD 115 mn Fund Raise LED by Tencent.

Music streaming is the future of music consumption globally, and in India, we are only 10% of the way towards building a business useful for 500 million Indians. With data prices so low, having easy access to crores of songs which are editorially curated and personally recommended is a better experience than piracy, where quality is unpredictable and selection is limited. We have penetrated only 5-6% of India. Over the next few years, we want to take this to 20-30%

As more affordable mobile data plans are driving smartphone penetration in India, we believe growth in the music streaming market will accelerate. By investing in and collaborating with Gaana, we look forward to bringing more innovation and better experiences to all Indian music lovers.

Gaana has demonstrated exponential growth over the years. We are happy to welcome Tencent as a partner in Gaana and benefit from their global learnings

We believe Gaana is and will continue to be the dominant leader in Indian music streaming market. Their demonstrated ability in content curation, best in class product and a fully owned tech stack along with Times’ strong parentage and partnership with Tencent will help them continue defining this space.