Music streaming app Gaana raises Rs 375 crores in debt funding from existing shareholders Chinese technology giant Tencent, and Times Internet (TIL).

Business Sep 04, 2020 Shreya Tulavi ( Editor: Ekta Joshi ) 3 Shares

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Gaana has raised 375 crores in debt funding from existing shareholders Chinese technology giant Tencent, and Times Internet (TIL).

Also Read - Walmart Bids with Microsoft for social media company Tik Tok and its US assets

The development comes nearly two years after Tencent led a $115 million funding round in the music streaming service. “We recently raised 375 crore debt from existing shareholders, Times Internet, and Tencent. Gaana is India’s leading music streaming service with over 185 million monthly active users,” a company spokesperson said.

Gaana’s fundraising was first reported by the information portal Entrackr. In July, Gaana had debuted a short-video platform HotShots, in a bid to capitalize on the unprecedented shopper demand following the ban on Byte Dance-owned TikTok. The music streaming service has signed up unique contracts with a number of prime TikTok influencers, ET reported in August.

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