Saavn raises $100 million to add video

saavn logo canvasSaavn announced that it has raised $100 million in Series C funding. This new financing brings the Indian streaming company’s valuation to $300-$400 million. The round is expected to go toward scaling the service and expanding into video. CEO and Cofounder Rishi Malhotra said that his company aimed to be “part Spotify, part Pandora, and part Netflix” in the Indian market. Saavn had 11 million monthly active users in January and has already grown to 14 million.

This is the second big fundraising effort for India’s streaming sector in recent months. Rival Hungama was also looking to raise $100 million in March.

Anna Washenko