Gaana
Tencent Increases Stake in Indian Streaming Giant Gaana with $40 Million in New Debt Funding
Indian streaming service Gaana has raised $40 million in debt funding from Tencent, the Chinese tech giant that owns 20% of Universal Music Group. Gaana, which is also backed by The Times Internet, the digital arm of India media conglomerate the Times Group, also passed a resolution to increase its commercial borrowing ceiling in order to get funds from Tencent Cloud Europe, according to a report at Entracker. Gaana previously raised $51 million in debt funding in September 2020 — $41 million from Tencent and $10 million from The Times Internet — and $115 million through an equity sale to Tencent in February 2018. Gaana leads the Indian music streaming market with 185 million monthly users, as ...
