Hindi Tamil Telugu
    More
    In the news
    Narendra Modi
    Amit Shah
    Box Office Collection
    Bharatiya Janata Party (BJP)
    OTT releases
    Hindi Tamil Telugu
    User Placeholder

    Hi,

    Logout

    India
    Business
    World
    Politics
    Sports
    Technology
    Entertainment
    Auto
    Lifestyle
    Inspirational
    Career
    Bengaluru
    Delhi
    Mumbai

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
    Home / News / Business News / Radio Mirchi's parent company acquired Gaana for just ₹25 lakh
    Summarize
    Next Article
    Radio Mirchi's parent company acquired Gaana for just ₹25 lakh
    Gaana had raised over $200 million during its existence

    Radio Mirchi's parent company acquired Gaana for just ₹25 lakh

    By Dwaipayan Roy
    Aug 10, 2024
    04:17 pm

    What's the story

    Entertainment Network India Limited (ENIL), the parent company of FM radio brand 'Radio Mirchi,' acquired music streaming platform Gaana for just ₹25 lakh last year.

    The acquisition was disclosed in ENIL's filings with the National Stock Exchange (NSE).

    This development followed unsuccessful merger discussions with Airtel Wynk, leading to Gaana's integration into Times Group's listed subsidiary ENIL in December 2023.

    Company value

    Gaana's valuation and financial backing

    Gaana, supported by Times Internet and Tencent, was previously valued at approximately $580 million. The platform had raised over $200 million during its existence.

    However, the specifics of the acquisition are currently unclear, including information about Tencent's stake in the 14-year-old platform.

    Times Internet held a majority stake in Gaana while Tencent owned around a 35% share until September 2020.

    You're
    20%
    through

    Financial aid

    Times Internet's financial support

    To keep Gaana running, Times Internet has been consistently infusing debt into the platform.

    In July 2023, Gaana received ₹100 crore debt from Times Internet that was later converted into equity shares.

    Now, Times Internet has pledged to inject up to ₹10 crore debt in Gaana, as per its regulatory filings with the RoC this week.

    You're
    40%
    through

    Investment details

    ENIL's investment and Gaana's revenue decline

    ENIL's Chief Executive Officer Yatish Mehrishi revealed that ENIL also invested ₹15 crore in the first quarter of FY25.

    Despite bagging consecutive debt rounds worth $90 million led by WeChat-owner Tencent in September 2020 and June 2021, Gaana's revenue fell by over 80% to ₹12.5 crore during FY24.

    You're
    60%
    through

    Acquisition aftermath

    Post-acquisition changes and financial impact on ENIL

    Following the acquisition, ENIL made Gaana entirely subscription-based and doubled its subscription fee to ₹599.

    These changes were reflected in its collection in the last quarter of FY24, which stood at ₹9.5 crore.

    However, ENIL's consolidated operating revenue shrank 25.79% QoQ to ₹113.46 crore, and the company reported losses of ₹5.45 crore in Q1 FY25.

    You're
    80%
    through

    Leadership shift

    Management changes at Gaana

    Gaana experienced a management overhaul, with its long-serving CEO Prashan Agarwal being replaced by Sandeep Lodha in mid-2021.

    Lodha left the company in July 2023, and currently, Gaana is being managed by ENIL's CEO Mehrishi.

    This acquisition is part of Times Internet's ongoing asset sell-off, amid the split of Times Group assets between Samir and Vineet Jain.

    Done!
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Related News
    Latest
    Gaana
    Tencent
    Times Internet

    Latest

    KL Rahul averages 74.23 versus MI in IPL: Key stats  KL Rahul
    Mysore Rajamata donates 100kg silver lamps to Tirumala temple  Tirumala Tirupati Devasthanams
    2 trains escape derailments in UP: How loco-pilots averted disasters   Indian Railways
    England's XI for Zimbabwe Test features uncapped Sam Cook: Details England Cricket Team

    Gaana

    Music streaming service Gaana to raise $115 million in funding Tencent
    Ahead of launch, Google Home speakers get Gaana, Saavn integration Reddit
    JioSaavn, Gaana reduce subscription prices as Spotify, YouTube-Music enter India YouTube Music
    Gaana crosses 100 million listener mark, ventures into video content India

    Tencent

    Apple defends its move of sending data to Chinese company Security
    Tencent's AI is changing advertising: Here's how Artificial Intelligence and Machine Learning
    MX Player raises $110 million from Tencent: Details here New Zealand
    Insurance aggregator Policybazaar raises $150 million from Tencent India

    Times Internet

    Times Internet acquires majority-stake in MX Player for Rs. 1,000cr Mumbai
    Spotify launching in India within few months: Details here India
    Now, invest in 24-karat gold on Google Pay: Here's how India
    TikTok enters ed-tech space, will now serve educational videos TikTok
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2025