EasyBuyMusic renames itself, expands product range

Updated: Feb 15 2002, 05:30am hrs
ICICI Ventures-funded company EasyBuyMusic has undergone a name change to reflect its latest avtaar. The company which plans to expand its offering to include a variety of products, apart from music, is now calling itself just EasyBuy (India) Private Limited.

We are looking to further our presence in the direct-to-consumer space, said Chris George, chief executive officer, EasyBuy India. This will be an extension of the companys core business which is music retailing. The brand name will henceforth be easybuystore.com

The company has recently commenced its operations in the US. On the issue of shifting focus from music to new product categories, Mr George said: Our momentum in the music industry will continue and this is an attempt to reposition ourselves he added.

EasyBuy India has tie-ups with some of the leading music companies like BMG Crescendo, Virgin and Sony Music.

In addition to this, there are partnerships with large Indian cellular companies as well to enable customer contact.

The company is talking to some investors for its second round of funding. We are in negotiations with two investors and we plan to raise around $2 million in the second round, said Mr George.

The entire process should be completed over the next six months, he added.

It may be recalled that EasyBuy India received its first round funding from ICICI Ventures amounting to $1.5 million, and the company was incubated by Arthur Andersen.

The angel investor was Passion Fund which put in approximately $100,000 in the venture.

On turnover targets for the company, Mr George said the company would achieve a figure of Rs 7 crore during the current financial year.

With new lines of businesses, we are looking at a Rs 25 crore turnover for the next financial year, he said.