Saavn, the music streaming app with majority of its audience as Indians, has raised an undisclosed amount of funding in a strategic round from Guy Oseary, the manager of Madonna, U2 and many other prominent music personals and brands in the United States. The new investment might also open a lot more opportunities for Saavn to sign more artists and generate more business on the platform.
The financials of the deal were not disclosed, however, Saavn stated that Guy Oseary had joined the company as a partner and an investor, which itself gives a lot of speculations.
Saavn, the music streaming service headquartered in New York has multiple offices in India. Last year, it had raised $100 million in Series C round led by Tiger Global at a valuation between $300-$400 million. The music platform claims to have over 14 million users and over 20 million tracks. It primarily focuses on Indian region and Indian music, still, it has users in over 196 countries. The users can pay to stream the music of their choice without any interruption or they can use the ad supported free version of the app.
Speaking about the investment, Guy Oseary stated that Saavn can work as an entry point to the artists looking to target the Indian audience. He further added that according to his experience, Indian music industry is too complicated, however, Saavn is a service which makes it easier to have a true local partners to work directly with the artists or their managers.
Rishi Malhotra, CEO Saavn stated that the addition of Oseary on board will brain in a lot of positives as he can bring huge contribution to the table in form of artists and bands. He can help Saavn get the collaborations, which could not be possible without his support. He further added that they are planning to build a platform which will be developing and launching unique content with the artists.
At the time of raising the last round, Saavn stated that it was planning to get into the video segment as well. Also, this year in April, it had announced its first series of podcast.