Tiger Global leads Series C round for Saavn music streaming service
New Delhi, India, July 7, 2015: Saavn, India’s largest music streaming company, today announced it is closing $100 million in a pivotal new funding round led by Tiger Global Management. The fresh capital will be used to drive long-term product development and aggressive customer acquisition. In addition, the company is investing in its proprietary ad technology, growing the sales force, and inking new content deals.
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. Advisory for the round was led by Avendus Capital in Mumbai and LionTree Advisors in New York.
Rishi Malhotra, CEO & Co-Founder of Saavn, said, “Music streaming is at the center of the music industry, and 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. We are building the best-in-class mobile entertainment ecosystem, with music as the foundation. Our investors continue to be the best partners in the world. We’re excited to add millions of users to the Saavn family and deliver our long-term product vision across multiple platforms. Music is only the beginning.”
Leading Saavn’s latest round is Tiger Global Management, which has invested in some of India’s most prominent Internet companies, such as Flipkart, Ola Cabs, Hike Messenger, and Culture Machine.
Lee Fixel, Partner at Tiger Global Management, said, “Saavn continues to innovate consumer products designed for India’s growing mobile user base. The team has built a leadership position in a unique marketplace while at the same time developing a world-class music service. We’re excited to support Saavn as it continues to define India’s mobile entertainment market.”
© Technuter.com News Service
