, according to documents sourced by business intelligence platform.
The investment comes nearly a year and a half after the oil-to-telecom conglomerate merged its own digital music service Jio-Music with Saavn.
As per the terms of the deal, Reliance Industries had invested $124 million into Saavn at a post-money valuation of the entity at $301 million, ET reported on April 2 last year. Of this, $104 million was to be paid to existing investors via a buyback while the remaining $20 million was infused into the company for operations, people aware of the matter had told ET at the time.
JioSaavn competes with players such as Gaana, owned by Times Internet, part of the Times Group which also publishes this paper; Amazon Music; Spotify; YouTube Music; Hungama;and. Gaana is currently the market leader in India, having crossed more than 100 million users, as per industry estimates.
India’s audio streaming market generates revenue of Rs 270 crore, accounting for 70% of the industry’s total revenue in 2018, as per a report by Deloitte and the Indian Music Industry. The report said that the overall music industry was valued at Rs 1,068 crore, registering a 24.5% year-on-year growth in 2018.