Radio

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

By Loudest Team
August 13, 2024
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.

Related News

18392.Untitled-design.jpg
Radio City Wins 31 Awards At IASA 2025 And ACEF...

A powerful display of creativity and cultural storytelling, highlighting the station’s strong presence in digital, radio and podcasts.

May 05, 2025

18368.Untitled-design.jpg
Radio City Partners With Triton Digital To Launch Global Podcast...

This alliance brings together storytelling excellence and innovative digital audio infrastructure to shape India’s podcast future.

April 30, 2025

18320.Untitled-design-(5).jpg
Radiowalla Enters African Market With Exclusive Retail Audio Deal In...

Partnership with Electro-Metic and Shine Bright sets stage for regional expansion of in-store radio and digital signage services.

April 14, 2025

18313.Untitled-design-(11).jpg
Varun Chakaravarthy Faces A Tough Innings Against ‘Expert Uncles’ In...

The video, laced with dry humor and relatable moments, is a light-hearted take on the “unwanted advice” every Indian cricketer....

April 11, 2025