Mumbai, Sep 24 (IANS) Digital music streaming services company Saavn on Thursday said that it has seen a ten-fold increase in daily active users in the last one year and has recorded over 250 million streams a month.
The company also said that former Vodafone CEO Arun Sarin has joined the company as a investor and strategic advisor. His joining comes on the heels of the company’s latest funding round in July where it accumulated $100 million.
Saavn’s Series C round was led by Tiger Global Management, with participation from Bertelsmann India Investments, Steadview Capital, Liberty Media, Mousse Partners, Quilvest, and additional Hong Kong-based hedge funds.
“As CEO of the global telecom giant Vodafone plc, Sarin was one of the first to predict the mass adoption of mobile phones in emerging markets. His support for Saavn underscores a similar trend underway in the music industry,” said Saavn co-founder and CEO Rishi Malhotra.
“With over 90 percent of our usage driven by smartphones, Saavn users are moving data plan transactions and driving data engagement at an incredible pace. In the coming months, you’ll see us work more deeply with carriers in India and additional territories,” he added.
Saavn, which currently has a global team of 145 employees across five offices, has 18 million monthly active users.