India’s on-demand music streaming platform Gaana has reportedly been acquired by Entertainment Network India Limited (ENIL), the parent firm of Radio Mirchi, for Rs 25 lakh, several months after failed merger discussions with Airtel’s Wynk.
ENIL is the publicly traded subsidiary of the prominent media conglomerate Times Group.
Despite raising substantial funding from its backers, Gaana struggled financially, requiring multiple debt injections from Times Internet to stay afloat.
In July 2023, Times Internet provided Gaana with Rs 100 crore in debt, which was later converted into equity.
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After acquiring Gaana, ENIL implemented substantial modifications to its operations, which involved completely restricting access to the platform and increasing the subscription fee to Rs 599. Gaana’s revenue in the fourth quarter of FY24 amounted to Rs 9.5 crore, reflecting the impact of these adjustments.
During this period, Gaana experienced notable alterations in its management. Sandeep Lodha, who assumed the position of CEO in mid-2021 after replacing Prashan Agarwal, tendered his resignation in July 2023.
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