JioSaavn has received capital infusion of Rs 140.35 crore from parent firm Reliance Industries, according to documents sourced from business signals platform paper.vc.
In 2018, Reliance Industries had announced the merger of its digital music service JioMusic with audio over-the-top (OTT) platform Saavn. The valuation of the combined entity is pegged at over $1 billion, the company had said.
JioSaavn competes with Gaana, Spotify, Wynk and YouTube Music. Digital audio streaming has gained ground due to increased proliferation of smartphones and cheap data. In India, more than 4,440 million monthly streams are running across leading OTT players, according to a Deloitte-IMI report.
The size of the audio OTT industry is estimated at about Rs 270 crore, as per the report.
A study conducted by BofA Merrill Lynch and Similarweb earlier this year showed users spent more time listening to global OTT platforms YouTube Music and Spotify.
JioSaavn came a distant third.
While users spent ten minutes and eight seconds on an average on YouTube Music daily in May, JioSaavn had users spending nine minutes and twenty-three seconds on an average on the app during the period.