Tencent Is Said to Lead $115 Million Deal in India's Gaana
- Indian music streaming service is owned by Times Internet
- Tencent looks to extend digital music dominance beyond China
Photographer: Cultura RF/Getty Images
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Tencent Holdings Ltd. is pushing deeper into the Indian technology market, with a sizable investment in New Delhi-based music streaming service Gaana, a person familiar with the matter said.
The investment in Gamma Gaana Ltd. totals $115 million, and Times Internet Ltd., the Indian media and technology company that started the business, will also participate, said the person, who wasn’t authorized to discuss the information publicly and asked not to be identified. Tencent and Gaana confirmed the deal was taking place in an emailed statement Wednesday.