Radio Mirchi's Parent Company Acquires Gaana For Rs 25 Lakh

After unsuccessful merger talks with Airtel Wynk, Gaana, the music streaming service backed by Times Internet and Tencent, was merged with Entertainment Network India Limited (ENIL), a publicly traded subsidiary of Times Group, in December 2023, according to a report by Entrackr.

Gaana was reportedly acquired for Rs 25 lakh, as revealed by ENIL's filings with the National Stock Exchange (NSE). ENIL, promoted by Bennett Coleman, operates the FM radio brand 'Radio Mirchi.' Entrackr's data shows that Gaana had raised over $200 million during its operation and was once valued at approximately $580 million. The merger with ENIL indicates a diminished outlook for a third-party acquisition. However, details about Tencent's stake in the 14-year-old platform remain unclear, and information about the deal is still limited.

Times Internet has consistently supported Gaana financially through debt funding. Gaana received Rs 100 crore in debt from Times Internet, which was later converted into equity shares. In recent regulatory filings with the Registrar of Companies (RoC), Times Internet committed to providing up to Rs 10 crore in additional debt to Gaana. ENIL's CEO, Yatish Mehershi, also mentioned that the company invested Rs 15 crore in the first quarter of FY25.