Music licensing platform Hoopr raises funds in extended pre-Series A round

Music licensing platform Hoopr has raised Rs 4 crore in the first tranche of its Pre-Series A round led by Inflection Point Ventures (IPV) along with participation from multiple family offices and existing investors.

Furthermore, Hoopr is engaged in advanced talks with several investors to raise more capital in this round. This round values the company at Rs 160 crore post-money and brings its total capital raised to Rs 18 crore. 

The proceeds will be used to accelerate the expansion of Hoopr Smash, strengthen product innovation, scale talent, and fuel global expansion, Hoopr said in a press release.

Co-founded in 2021 by Gaurav Dagaonkar and Meghna Mittal, Hoopr is a music licensing marketplace that provides a platform with over 12,000 copyright-free music tracks and sound effects for content creators and brands, and also serves as a revenue-generating opportunity for musicians by paying them half of the licensing fees after the upfront costs are recovered.

Hoopr Smash offers intelligent discovery tools, curated playlists, and quick licensing options, ensuring users can easily find the perfect track for their project. By providing legally compliant music with just a few clicks, it empowers creators and brands to elevate their content while ensuring fair compensation for artists.

Hoopr has onboarded over 30,000 creators including Chef Ranveer Brar, Ashish Vidyarthi, Tanya Khanijow, My. Indian Hacker, Flying Beast, Rajesh Rawani and more than 180 B2B clients, including leading brands such as Myntra, Marico, Sony LIV, Mumbai Indians, Meesho, Himalaya, Cadbury, and others.

The Mumbai-based startup says that it has made strategic partnerships with Yash Raj Films Music, Universal Music, Saga Music, Merchant Records, and Adobe, while working closely with the Indian Performing Rights Society (IPRS). Over the past three years, the platform claims to have collaborated with more than 300 independent artists across 21 regional labels, disbursing more than Rs 4.5 crore in royalties.