According to recent reports, Gaana, a popular music streaming platform, was reportedly acquired for a staggering Rs 25 lakh, as disclosed in ENIL's filings with the National Stock Exchange (NSE). This acquisition marks a significant milestone in the music industry, showcasing the ever-evolving landscape of digital entertainment.
Following unsuccessful merger discussions with Airtel Wynk, Gaana, a popular on-demand music streaming platform supported by Times Internet and Tencent, made the decision to merge with Entertainment Network India Limited (ENIL), a listed subsidiary of the Times Group, in December 2023, as per a report by Entrackr, a media platform catering to entrepreneurs, startups, and tech enthusiasts.
Gaana was reportedly acquired for Rs 25 lakh, based on ENIL's filings with the National Stock Exchange (NSE). ENIL, backed by Bennett Coleman, is the operator of the renowned FM radio brand 'Radio Mirchi'.
According to Entrackr's data, Gaana had a successful fundraising journey, accumulating over $200 million, and was valued at approximately $580 million. The merge with ENIL signals a shift in strategy towards a third-party acquisition. However, details regarding Tencent's ownership stake in the 14-year-old platform remain uncertain, and specifics of the deal are currently limited.
According to the latest report, Times Internet has been consistently providing financial support to Gaana. The music streaming platform received a substantial Rs 100 crore debt from Times Internet, which was later converted into equity shares. In recent regulatory filings with RoC, Times Internet has pledged to inject an additional Rs 10 crore debt into Gaana. Furthermore, ENIL’s CEO Yatish Mehershi disclosed that the company also made a significant investment of Rs 15 crore in Gaana during the first quarter of FY25.
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