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NEW DELHI, INDIA: Saavn has announced it is closing $100 million in a pivotal new funding round led by Tiger Global Management.
The fresh capital will be used to drive long-term product development and aggressive customer acquisition. In addition, the company is investing in its proprietary ad technology, growing the sales force, and inking new content deals.
Since announcing 11 million monthly active users in Q1 2015, the company has increased its monthly active user base to 14 million users.
The company has just released a major update to its Android product, with an iOS update to follow in the coming weeks. The company is also working with teams at Microsoft to launch Saavn on Windows in August 2015.
In addition to Tiger Global Management, existing investors Bertelsmann India Investments, Steadview Capital, Liberty Media, and Mousse Partners are participating in Saavn’s Series C round.
The company is also adding new global investors Quilvest, additional Hong Kong-based hedge funds, and a number of strategic individuals in this round. Advisory for the round was led by Avendus Capital in Mumbai and LionTree Advisors in New York.
“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. We’re excited to support Saavn as it continues to define India’s mobile entertainment market,” Lee Fixel, Partner at Tiger Global Management, said.
With more than 90pc of Saavn usage on mobile, the company is also announcing a significant update to its mobile products. The product updates include:
• Personalized multi-language homescreen, supporting 11 languages
• Infinite scroll on homescreen
• “One-Click Play” on homescreen
• New & Trending content along with enhanced personalization in “My Music”
• Additional Charts, including top “Rewind” charts by decade for all 11 languages
• Enhanced music tagging and music chat features for Saavn Social