Music streaming platform Saavn has on-boarded two strategic investors – Senvest Management and global entertainment company Endeavor. According to Saavn, Endeavor’s involvement will help it in growing the collaborations between Western and South Asian artists and producers.
The New York-based Senvest Management is a privately owned hedge fund sponsor. It primarily invests value and growth stocks of small-cap and mid-cap companies in the United States. It typically invests in technology, financial services, industrial, and resources companies.
Saavn is the first investee of Senvest Management in the Indian market. It had backed Saavn’s global rival Spotify in 2015. Los Angeles-headquartered Endeavor is one of the leading entertainment and media companies. In 2014, William Morris Agency (WME) acquired IMG, the global leader in sports, events, media, and fashion, forming Endeavor.
Importantly, Saavn had on-boarded Maverick CEO Guy Oseary as an investor as well as a partner. Last year, the streaming company had secured an undisclosed amount of funding from Oseary. In July 2015, Saavn had bagged $100 million in a round led by Tiger Global Management. New investors Quilvest, a Hong Kong-based hedge funds, and a number of strategic individuals also joined the financing round.
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“Our evolution from a music streaming service to a platform for the arts has been a multi-year vision for the company. India’s music landscape and listening behaviours are unique amongst all other global markets,” said Rishi Malhotra, Co-founder, and CEO, Saavn in a press statement.
In India, Saavn competes with Hungama, Airtel’s Wynk, Rdio (which acquired Dhingana), Times Internet owned Gaana.com and Apple Music. Globally, it rubs shoulder with Spotify, Apple Music, and Amazon Music amongst others.