Gaana.com, one of the leading online music streaming service from Times Internet has today announced acquisition of Independent music streaming songs portal Musicfellas.com. The acquisition is aimed at brining Independent music on Gaana.com.
Upon acquisition, founders of Musicfellas will join the Gaana team to drive their mobile app initiatives.
The financial details of the acquisition have not been disclosed.
Musicfellas was founded by Mayank Jain, Gaurav Shahlot and Shubhranshu Jain in mid 2012. It later for funding from TLabs, a technology accelerator and seed fund run by Times Internet.
Musicfellas currently has over 700 Indie music artists across the globe, and is currently the leading platform for streaming Indie music in India.
Pawan Agarwal, Business Head of Gaana.com, commented on the acquisition, “Musicfellas gives us an opportunity to work closely with the fast emerging indie music industry in India. We are also acquiring a great team and product with this acquisition that will help us to be at the forefront of online music broadcasting business in India, particularly on mobile. We are looking forward to be more active with the startup ecosystem in India to build a large suite of applications on Gaana platform and thus expand the developer ecosystem around our product.”
Our View
This is an excellent acquisition from Gaana’s perspective – They now are the only platform (among leading ones like Dhingana & others) who will have Indie music available. It not only helps them expand their collection, they also do not have to worry about song licensing as is the case with traditional songs.
Another positive for Gaana is that they are getting talented team of founders that will come on board to drive the App Ecosystem on Gaana.
Even from Indie music creators, it is great news, as they will now have much wider audience to whom they can showcase their talent.
Overall, a great strategic acquisition by Gaana!
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Hi,
I think, Gaana has done a great acquisition and this would surely take them away ahead in the competition league, they are taking the right steps going forward.
amazing stuff,
anshul