Music app Gaana raises Rs 375 cr debt from Tencent, Times Internet

Gamma Gaana, the parent firm of Gaana, has issued Series B unsecured optionally convertible debentures series to Tencent Cloud Europe BV worth Rs 300 crore and a debt instrument worth Rs 75 crore to promoter firm Times Internet Limited, as per a filing with Ministry of Corporate Affairs.

Music app Gaana has raised Rs 375 crore from the European arm of Chinese firm Tencent and promoter firm Times Internet, according to a regulatory filing. Gamma Gaana, the parent firm of Gaana, has issued Series B unsecured optionally convertible debentures series to Tencent Cloud Europe BV worth Rs 300 crore and a debt instrument worth Rs 75 crore to promoter firm Times Internet Limited, as per a filing with Ministry of Corporate Affairs.

When contacted, a Gaana spokesperson confirmed the development. "We recently raised 375 crore debt from existing shareholders, Times Internet, and Tencent. Gaana is India's leading music streaming service with over 18.5 crore monthly active users, and is incubated & majority-owned by Times Internet," the spokesperson said.

In February 2018, Gaana had raised around Rs 750 crore from Tencent and Times Internet. Gaana expects to achieve break-even by 2024 with 100 percent year-on-year revenue growth and traction of paid users on its platform.