Internet group Tencent has invested $40m to lead a $50m funding round for India-based online music streaming platform Gaana, Entrackr reported yesterday, citing a regulatory filing.
Times Internet, the digital services arm of media group Bennett Coleman & Co, provided the rest of the funding. Tencent made its investment through its Europe-based Tencent Cloud subsidiary, and the round valued the company at $530m according to Entrackr.
Formed by Times Internet in 2010 before being spun off, Gaana runs an online platform with 150 million monthly active users as of the end of 2019 that provides access to music and podcasts.
Times Internet now owns a 60.2% share of the company while Tencent’s stake has been increased to 34.4% in the latest round.
The corporates had previously combined to invest $115m in Gaana in early 2018, three years after it had received an undisclosed amount of funding from consumer electronics manufacturer Micromax through a partnership deal.
Tencent’s other recent investments in India include medical appointment booking service Practo, invoicing software producer Khatabook, self-publishing platform Pratilipi and Swiggy, the online food delivery service valued at $3.6bn as of April.
