Radio Mirchi's parent snaps up music platform 'Gaana' for Rs 25 lakh

ENIL's National Stock Exchange (NSE) filings reveal Gaana's acquisition price of Rs 25 lakh.

Following failed merger and acquisition discussions with Airtel Wynk, Gaana, a music streaming service supported by Times Internet and Tencent, was merged with Entertainment Network India Limited (ENIL), a publicly traded subsidiary of Times Group, in December 2023, as reported by Entrackr.

According to reports, Gaana was acquired for Rs 25 lakh, based on ENIL's filings with the National Stock Exchange (NSE). ENIL, which is promoted by Bennett Coleman, operates the FM radio brand 'Radio Mirchi.' Data from Entrackr indicates that Gaana has raised over $200 million throughout its existence and was valued at approximately $580 million. Its merger with ENIL suggests a lack of optimism regarding a third-party acquisition. However, details about Tencent's stake in the 14-year-old platform remain unclear, and information regarding the deal is currently limited.

Times Internet has consistently provided financial support to Gaana through debt. The music streaming service received Rs 100 crore in debt from Times Internet, which was converted into equity shares. In its recent regulatory filings with the Registrar of Companies (RoC), Times Internet pledged to inject up to Rs 10 crore in additional debt into Gaana. ENIL's CEO, Yatish Mehershi, also stated that the company invested Rs 15 crore in the first quarter of FY25.