After unsuccessful merger and acquisition talks with Airtel Wynk, Gaana, an on-demand music streaming platform backed by Times Internet and Tencent was consolidated with Times Group’s listed subsidiary Entertainment Network India Limited (ENIL) in December 2023, as reported by Entrackr, a media platform for entrepreneurs, startups and technology enthusiasts.
Reportedly, Gaana was acquired for Rs 25 lakh, as per ENIL’s filings with the National Stock Exchange (NSE). ENIL is promoted by Bennett Coleman and operates FM radio brand ‘Radio Mirchi’. As per Entrackr’s data, Gaana raised over $ 200 million in its lifetime, the platform was valued at around $580 million. Its consolidation with ENIL seems to indicate the firm’s hopelessness of a third-party acquisition. However, there is no clarity about Tencent’s share in the 14-year-old platform, and details of the deal are also limited at this moment.
As per the report, Times Internet has regularly injected debt in Gaana. The music streaming platform received Rs 100 crore debt from Times Internet which got converted into equity shares. As per its regulatory filings with RoC this week, Times Internet committed to inject up to Rs 10 crore debt in Gaana. ENIL’s CEO Yatish Mehershi also claimed that the firm also invested Rs 15 crore in Q1, FY25.