Guvera Raises $100 Million in 'Pre-IPO' Funding, Claims 15 Million Users Worldwide

The Australian streaming music service said it had 10 million users in April.

Guvera, an Australia-based music streaming service with a growing presence in India, has confirmed a $100 million “pre-IPO round” of funding. Speaking with The Australian Financial Review, chief executive Darren Herft said the company attracted investors from a “number of wealthy Australian families,” as well as private-equity group AMMA, which he co-founded.

Herft did not disclose a timeline for the initial public offering (IPO) and said they are still deciding whether to list on the Australian Securities Exchange or Nasdaq in the United States. Late last month, streaming service Deezer abandoned its plan for an IPO on the Paris stock exchange because of “market conditions.”

Deezer Abandons IPO Plans, Thanks In Part to Pandora and Apple Music

Guvera says the latest funding round will be used to keep up with expansion in India, where it claims to have 6.5 million users, up from 3 million in April. Globally, Herft puts user totals at 15 million, up from 10 million earlier this year.

In India, where it launched only a year ago, Guvera has set itself apart from Spotify and Apple by putting a bigger emphasis on securing streaming rights to popular Bollywood music.

"Part of the strategy to target emerging markets was about competition," Herft said. "We're the only label in the world that has label agreements with labels like Sony, on top of the biggest Bollywood label in India as well."

India's Streaming Market Continues to Heat Up

Guvera launched in 2010 as a no-frills MP3 download site, but later evolved into a playlist-driven streaming service offering both free, ad-supported streaming and, for its paying customers, ad-free listening. It has licensing agreements with UMG, EMI, Orchard and INgrooves, among others. In the past year or so, Guvera has launched in India, Indonesia, Hong Kong, Malaysia, the Philippines and Singapore. It has been available in the U.S. for more than five years.


THE BILLBOARD BIZ
SUBSCRIBER EXPERIENCE

The Biz premium subscriber content has moved to Billboard.com/business.


To simplify subscriber access, we have temporarily disabled the password requirement.