Australia’s local streaming engine that could, Guvera, has closed a $100 million funding round which attracted “a number of wealthy Australian families.”
Chief executive Darren Herft spoke to The Australian Financial Review and said the Gold Coast-based service is readying an IPO either on the Australia Securities Exchange or Nasdaq in the US.
“A number of wealthy Australian families have been looking for new opportunities in the tech and digital space, but more specifically in mobile and digital,” Herft told AFR. “Guvera presents an opportunity in this space, and it’s growing quickly in Asia.”
Guvera is now looking to deepen its presence in India, where it launched last November. Guvera currently has roughly 6.5 million users in the territory but expects that number to hit at least 10 million in the next few months.
The appeal is free access to 20 million Indian-language and western tracks, including the phenomenally successful Bollywood music, and locally curated playlists.
Guvera has teamed up with brands as YESBANK, Harley Rock Riders, Ezeego1 and Shaadi.com to offer playlists, videos, news, competitions and shopping with integration while users listen to music.
The next major project in India is House of Guvera, set to launch in Mumbai and Melbourne early next year.
Reporting from inside the Australian music business since '94.
It will operate as a recording studio, music venue and production house, targeting local and international acts. It gives brands the chance to produce exclusive content to be used through Guvera as well as their own online platforms.
Globally, Guvera has 15 million users adding about 35,000 people a day.
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Reporting from inside the Australian music business since '94.
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