#Asia Music streaming firm Guvera raising US$100M for Indian expansion

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Since its launch last year, Guvera has managed to gain around 6.5 million users in India

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Australian music streaming service Guvera is raising US$100 million to fund its India expansion, reports Australian Financial Review.

Guvera’s CEO Darren Herft, who is also Founder of AMMA Private Equity, told the publication that it has attracted funding mainly from high net-worth families, but it is also targeting major funds.

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The company, which started its service in India 12 months ago, plans to use the latest funding to pick up the pace of its growth. Since its launch, it has managed to gain around 6.5 million users in the country.

The funding will also help the firm to impress prospective investors, as it gears up for a public listing on either the Australian Securities Exchange or Nasdaq. “It’s a pre-IPO round … but we haven’t set any timeline,” said Herf.

Guvera raised US$60 million in a previous round of funding.

Globally, it claims to have 15 million users and Herft says it is adding around 35,000 users a day.

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Within India, it hopes to grow at a similar rate, or faster, over the next 12 months. It competes with Gaana, Saavn and Hungama in the country.

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While the Guvera platform is free, it is supported by advertisements. Users can opt for the ad-free premium plan at a price.

“Part of the strategy to target emerging markets was about competition,” Herft said.

“Our competitors mostly weren’t in those markets and we’ve been able to get a stronger footprint … we’re the only label in the world that has agreements with labels like Sony,” he added.

Globally, Guvera faces competition from companies such as Spotify, Pandora and Apple Music.

The post Music streaming firm Guvera raising US$100M for Indian expansion appeared first on e27.

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