Gaana to raise $115 million from China's Tencent, Times Internet

Music streaming service Gaana said it will raise $115 million from Times Internet and China's Tencent Holdings Ltd.

Gaana intends to use the capital to invest in technology to use artificial intelligence (AI) for personalising music experiences, to develop its subscription product for paying users, and develop aligned music experiences, the company said in a statement.

"As more affordable mobile data plans are driving smartphone penetration in India, we believe growth in the music streaming market will accelerate," said Martin Lau, president of Tencent Holdings.

Gaana was incubated seven years ago by Times Internet, the digital venture of Times of India, and has over 60 million monthly active users.