China’s Tencent Invests In Gaana, An Indian Rival to Spotify

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China’s Tencent Invests In Gaana, An Indian Rival to Spotify
werner22brigitte / Pixabay

Chinese Internet giant – Tencent – is bullish on the Indian digital sector, and thus, has agreed to lead a $115 million funding round for the Indian music streaming service – Gaana. This Spotify-like service was launched seven years back by an internet-focused subsidiary of the Times of India Group.

Gaana will use the new funds to improve its artificial intelligence capabilities and develop better personalized services and features for its users. The music streaming service also plans to develop its paid-user service, notes TechCrunch. The company offers a free ad-based service along with a Spotify-like subscription offering.

According to Gaana, its monthly active user base was over 60 million in December. In comparison, Spotify in June said that its monthly active users stood at 140 million. Spotify has reportedly been considering an Indian debut, but with its U.S. public listing date approaching, it has possibly postponed it, notes TechCrunch.

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