Aussie music streaming service Guvera raises $100m to fund India expansion

Visual from Guvera website

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.

Also Read: India: Airtel bets on music curation app to drive data usage

India: Video on demand platform Muvizz secures $350,000 angel funding

India: Eros  International Media considers share buyback

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.