In addition to Tiger Global Management, existing investors Bertelsmann India Investments, Steadview Capital, Liberty Media and Mousse Partners also participated in the 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.
The fresh capital will be used to drive long-term product development and customer acquisition. In addition, the company is investing in its proprietary ad technology, growing its sales force and inking new content deals.
“Music streaming is at the centre of the music industry, and India is one of the most important music economies in the world. With two million Androids shipping each week, music is driving data consumption and redefining mobile advertising. We are building the best-in-class mobile entertainment ecosystem, with music as the foundation,” said Rishi Malhotra, Co-founder and CEO of Saavn.
Saavn is currently accessed in more than 150 countries and offers more than seven million tracks in 11 languages. With Saavn Pro, users can listen to music ad-free and offline. It has partnerships with Apple, Google, Facebook, Twitter and Shazam to reach out the maximum number of consumers. The company is also working with teams at Microsoft to launch Saavn on Windows in August 2015.
With more than 90 per cent of usage on mobile, the company is also announcing an update to its mobile products. These product updates include a personalised multi-language home screen, supporting 11 languages, infinite scroll on home screen, ‘One-Click Play’ on home screen, and new and trending content, along with enhanced personalisation in ‘My Music’. The update also includes enhanced music tagging and music chat features for Saavn Social, said an official press release.