New Delhi, (IANS) Saavn, one of India’s early music streaming service providing companies, on Tuesday said that Tiger Global Management is investing $100 million into the company as a part of its Series C funding.
The fresh capital will be used to drive long-term product development and aggressive customer acquisition, the company said. In addition, the company is investing in its proprietary ad technology, growing the sales force, and inking new content deals.
“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,” said Tiger Global Management partner Lee Fixel.
Currently, Saavn has 14 million monthly active users, an increase of 3 million from the earlier announcement as of 2015’s first quarter, and expects to cross 20 million users by the end of the year.
Commenting on the investment, Saavn co-founder and CEO Rishi Malhotra said: “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.”
“Our investors continue to be the best partners in the world. We’re excited to add millions of users to the Saavn family and deliver our long-term product vision across multiple platforms. Music is only the beginning,” he added.
In addition to Tiger Global Management, existing investors Bertelsmann India Investments, Steadview Capital, Liberty Media, and Mousse Partners also participated in Saavn’s Series C round. Global investors Quilvest, additional Hong Kong-based hedge funds, and a number of strategic individuals were also a part of the investment round.