By Asmita Dey
Spotify India has received Rs 48 crore from parent company Spotify AB, according to documents sourced from business signals platform paper.vc.
The Indian subsidiary of the Swedish firm on January 24 had issued 4,80,00,000 compulsorily convertible debentures to Spotify AB at a face value of Rs 10 per share, the documents showed.
“Resolved that pursuant to provisions of section 62 and other applicable provisions (if any) of the Companies Act, 2013, application amount of Rs 48,00,00,000 having been received towards 4,80,00,000 CCDs of face vale Rs 10 to Spotify AB,” according to the copy of resolution passed by the board of dirctors of Spotify India, sourced from paper.vc.
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Audio streaming platform Spotify launched its operations in India on Tuesday. “India has an incredibly rich music culture, and to best serve this market, we’re launching a custom-built experience. Not only will Spotify bring Indian artists to the world, we will also bring the world’s music to fans across India,” said Daniel Ek, Spotify’s founder and CEO, in a statement.
The Sweden-based music streaming major’s India launch took place amid a legal battle with world’s third largest music group Warner Music.
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Earlier this week, Warner music had moved the Bombay high court to block Spotify from offering collection of songs from Warner/Chappell music without a valid licence from it. On Tuesday, the court asked Spotify AB to deposit Rs 6.5 crore facilitating its India launch, according to media reports.
Spotify, whose India playlist includes an amalgamation of both country-specific music and international music will compete with other music streaming services like JioSaavn, Gaana.com in the country.