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Dhingana Raises $7 Million In Series B Funding Round; Reports 15 Million Monthly Active Users
Popular Indian music streaming service, Dhingana has announced that they have raised $7 million in a Series B funding round which was led by Lightspeed Venture Partners. Inventus Capital partners and Helion Venture Partners who invested in the previous round also participated in this round. Dev Khare, from Lightspeed Venture Partners will join Dhingana’s board of directors.
Snehal Shinde, Co-founder and CEO of Dhingana spoke about the funding round.
“India is one of the world’s largest markets and has a unique culture with music enjoyed throughout the world. We have always had a laser sharp focus on building the best streaming product for Indian music lovers across the globe and used the first round of funding for the same. We plan to use the current funds to build an even stronger team to innovate further and expand our marketing, sales and business development efforts.”
Dhingana boasts of around 500,000 songs in 35 Indian languages streamed onto a host of popular platforms like iOS, Android, Blackberry and Nokia in addition to their HTML website. They also have a Facebook App integration which has helped their usage grow a fair amount. The company has also been exploring the introduction of global music for the Indian audiences through a tie-up with US based music record label, Pretty Lights. Their growth has been impressive so far and they have even set up their own advertising platform so that they can monetize the service better.
Dev Khare shared his thoughts about the service and the company.
“We are impressed with the level of product execution and audience growth at Dhingana. We believe that a country as large and diverse as India, with numerous languages and rich classical, folk, popular and movie music traditions, supports a world-class, branded music service tuned to the needs of its increasingly mobile-centric population.”
The website claims that it has now crossed 15 million monthly active users across 220+ countries. Dhingana’s competitors also include Saavn and Gaana, which cater to similar audiences.
Which music streaming service do you use currently?
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2012-10-25 01:35:15
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