Founded in the year 2007 by Rishi Malhotra (CEO), Vinodh Bhat (President) and Paramdeep Singh (Executive Chairman) is a digital distributor of Bollywood, English and Indian music in more than 200 countries serving worldwide with its headquarter in New York, United States.
The slogan of this mobile music streaming app is “No Work, All Play”. With already providing audio streaming services, Saavn app is all geared up to provide video streaming services to its users. The service is available in a number of Indian languages ( apart from the obvious one – English) like Hindi, Tamil, Telugu, Marathi, Punjabi, Gujarati etc.
Being one of the earliest music streaming apps in India – Saavn (which is also called India’s Spotify) has managed to raise $100 million funding.
With the increasing popularity quotient of music streaming around the globe, Saavn has recently completed a Series C funding round for $100mn (£64.8m).
The funding was led by Tiger Global, in addition to previous investors Bertelsmann India Investments, Liberty Media and Steadview Capital, along with plenty of unnamed hedge funds from Hong Kong.
Even though Saavn’s app is amongst one of the small number of locally-focused music streaming services that are battling for market share as smartphone adoption rockets across India and more people than before can access to the internet. Some of the competing names in this domain are Gaana, owned by Times Internet, Rdio- an app launched in India earlier this year and Hungama that declared the celebrations of its own $100mn funding round in March.
With an active user base of 14mn monthly users, the number began from 11mn at the beginning of the year and is expected to grow at a rate of 1mn MAUs per month. This number will surpass 20mn MAUs by the end of the year.
“In 2013, we launched the first mobile subscription product, Saavn Pro, so we could enjoy our music while flying at 30,000 feet, reduce data streaming charges while commuting, and deliver the highest-fidelity audio available to users. While our products have many features, innovation is perhaps the best one.”
“Since Saavn was started in 2007, we have been in the business of innovating. It’s at the core of everything we do,” said CEO and co-founder Rishi Malhotra. “We innovated to deliver the first music streaming platform dedicated to India in 2009. We launched the first Android app for Indian music in 2011, and the first iOS app in 2012.