Dhingana bags USD 7 million Series B from Lightspeed, existing Investors
Dhingana, a web and mobile music streaming service today announced that it has bagged USD 7 million (Rs. 36.5 Crore) Series B funding lead by Lightspeed Venture Partners, with its Series A investors Inventus Capital Partners and Helion Venture Partners also participating in this round. Lightspeed Venture Partners principal Dev Khare will be joining Dhingana’s Board of Directors.
Dhingana had previously raised an undisclosed amount of funding from Inventus and Helion in 2011.
Started back in 2007 by twin brothers Swapnil and Snehal Shinde, Dhingana claims to have over 5 million monthly active visitors worldwide and is the largest streaming Bollywood and Indian music site across the globe.
The funds raised in Series B will be primarily used to build ramp-up their team and expand their marketing, sales and business development efforts.
Dhingana’s recent growth seems to be primarily due to the usage on mobile platforms. They have Dhingana app on nearly all mobile platforms including iOS, Android, BlackBerry and Nokia in addition to their web based platform.
Dhingana’s primary source of revenue is currently advertising on their web and mobile platforms. It has direct tie-ups with brands in India and US to whom they provide various premium options to reach millions of users worldwide.
Dhingana has quite a bit of competition, but primarily from 2 strong contenders – Gaana.com from Times Internet and Saavn.com, both of whom have seen success. With increased internet penetration and 3G offerings getting cheaper, streaming multimedia content is only growing to grow in the future.