Australian music streaming service Guvera has raised $100 million in a round of funding ahead of its proposed initial public offer (IPO) to further expand operations in India, according to a report in Business Insider.
The funds have been raised from high net worth families and AMMA Private Equity, co-founded by Guvera’s CEO Darren Herft.
Founded in 2008, Guvera provides consumers with unlimited access to local and international music in a way that supports the artists and record labels responsible for producing it. Like other streaming services, Guvera operates both an ad-support free and premium, paid tiers.
Of the total 15 million users worldwide, Guvera claims to have about 6.5 million users in India itself compared with nearly 1.4 million in Australia. The streaming service officially launched in India in November 2104, and since then has struck deals with a number of Bollywood music labels.
The company intends to focus on localised content to appeal to users in India. Besides, it will continue to focus on the ad-funded free-to-play model to make services more appealing to the customers in emerging markets.
Guvera is also available in Argentina, Chile, Colombia, Hong Kong, Indonesia, Malaysia, Mexico, Peru, Philippines, Russia, Saudi Arabia, Singapore, Thailand, Ukraine, UAE, USA, Venezuela and Vietnam.
Guvera has also been planning an IPO but is yet to decide on the date and whether to list the company on the Australian Securities Exchange or Nasdaq in the US. Despite the growing popularity the company reported losses in the last financial year. Recently, Deezer also pulled out of the proposed IPO citing tough market conditions as the reason.