India’s own music streaming company, Saavn has announced it is closing $100 million in a pivotal new funding round led by Tiger Global Management.
The company says that 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.
Music streaming is at the centre 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.
–Rishi Malhotra, CEO & Co-Founder of Saavn
The company has released a major update to its Android product, with an iOS update to follow in the coming weeks.
With more than 90% of Saavn usage on mobile, the company is also announcing a significant update to its mobile product.
Saavn is also working with teams at Microsoft to launch Saavn on Windows in August 2015.
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.
–Lee Fixel, Partner at Tiger Global Management
Leading Saavn’s latest round of funding 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.
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