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Music streaming app Saavn has announced a new investment of an undisclosed amount from former Vodafone CEO Arun Sarin.
“Music streaming is a core app on today’s smartphones, and Saavn is superbly positioned to grow rapidly in the fast expanding smartphone market in India. As an innovative and nimble music streaming company, at the heart of one of the world’s most valuable markets, Saavn hits all the right notes,” Sarin said.
In July, Saavn announced a $100-million Series C and reported 14 million monthly active users. In just under two months, the company has grown to nearly 18 million monthly active users, the vast majority of whom are in India, the company said in a statement.
“With over 90 per cent of our usage driven by smartphones, Saavn users are moving data plan transactions and driving data engagement at an incredible pace. In the coming months, you’ll see us work more deeply with carriers in India and additional territories,” Rishi Malhotra, Co-Founder and CEO of Saavn, said. “We’re honoured to have the support of Arun, who brings unmatched industry insight, experience, and instincts to our business.”
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