Tencent leads $115m finding round for Gaana

Tencent leads $115m finding round for Gaana

Chinese tech firm Tencent led the funding round which brought $115m to Indian streaming service Gaana.

Times Internet vice chairman Satyan Gajwani told the Economic Times:

Tencent is a strategic partner for us, with deep expertise in digital music that will benefit Gaana. We will be very happy to see Gaana continue to grow and potentially IPO in a few years.

Gaana CEO Prashan Agarwal also stated that the funding will be used to beef up Gaana’s personalisation features, as well as to boost its subscription tier. He added:

We have penetrated only 5-6% of India. Over the next few years, we want to take this to 20-30%.

The round – which Times Internet also contributed to – is part of Tencent’s wider investment in India, which has seen it back e-commerce firm Flipkart, taxi-booking service Ola and messaging app Hike in recent times.