An Indian rival to Spotify just raised $115 million from Tencent, others
Indian music streaming service Gaana has raised $ 115 million in a funding round led by Chinese tech giant Tencent.Gaana, a competitor to Spotify, said Wednesday it would look to use the raised capital to invest in artificial intelligence to personalize its music platform and develop its paid-user subscription product.The firm was established in 2010 by Indian tech incubator Time Internet, which has also backed the funding. Gaana did not specify how much money was invested by Tencent and Time Internet.Tencent is Asia's most valuable company, with a market value of almost $ 525 billion. It was the first Asian firm to pass the $ 500 billion mark, an achievement it shares with Silicon Valley titans Apple and Facebook.Gaana said it passed 60 million monthly active users in December. Spotify's ...