//

As a form of accountability to its investor, Guvera pivoted into DragonFli and focussed itself in the Indonesian, Indian, and Chinese market

After the rejection of its IPO from the Australian Stock Exchange (ASX) that was soon followed by a blockade, things are taking a turn to the worse for music streaming platform Guvera. Its operations became stagnant before eventually being halted at all. Co-Founder Claes Loberg has also been reported to resign from his position as director; so is his colleague Steve Porch, who had given up on trying to save the company. Only Darren Herft remains its board of director now.

But Guvera does not want to wave a white flag yet. Since early last year, thanks to the encouragement of its investors (which the company owed up to US$1.8 million in investment return), Guvera made attempt to pivot into providing advertising service for entertainment platforms. Called DragonFli, the service was focussed on users in Indonesia, India, and China.

The Guvera app itself has been rebranded into DragonFli in various mobile marketplaces. From the information on the app’s page in Google Play, Guvera stated that it aims to change most of their services. Starting from a music streaming service, now the platform will also be combined with brand information, completed with playlist recommended by said brand.

Also Read: Music streaming firm Guvera raising US$100M for Indian expansion

Guvera Limited has secured a total of US$185 million between 2008 and 2016, from at least 3,000 shareholders. To rebuild Guvera, Herft called for two volunteers from the company’s investor board to help in business operational. Messrs Loberg and Porch were then appointed to do the tasks; each of them own 11.5 per cent and 6.5 per cent of shares in the company.

Herft, Loberg, and Brad Christiansen founded Guvera in 2008 and launched an MP3 site two years afterwards. As the music lovers continued to evolve with the development of technology, Guvera transformed itself into a streaming platform, working together with labels for licensing. It offered a freemium business model and has successfully wooed 17 million users around the world.

In Indonesia, Guvera has been around since February 4, 2014. The Australian music streaming service continued to optimise its service by working with brands and updating the app. Its latest update was the version 3.0, which was launched in Jakarta in March. It introduced a social media-like feature in the app line.

—

The article Penolakan IPO dan Ditinggalkan Co-Founder Berakhir pada Penutupan Layanan Guvera was written by Randi Eka Yonida and first appeared in DailySocial. English translation and editing by e27.

Image Credit: happymay / 123RF Stock Photo

The post How IPO rejection and founders walking away led to the downfall of Guvera appeared first on e27.

from e27 http://ift.tt/2qrceXg