Gaana, a music and podcast streaming app, has raised $40 million in a debt funding round from existing investor Tencent.

With a post-money valuation at around $570-$580 million, the funding appears to be one of the largest debt rounds for a consumer internet company in India in 2021.

The fresh round of funding has come within a year as in September 2020, Gaana had raised a $50 million debt round at a $530 million valuation from Tencent, with participation from Times Internet.

The music and podcast streaming app offers original music content under the Gaana Originals umbrella, regional music catalogs in more than 21 languages, song lyrics, and vertical videos.

In July 2020, Gaana launched its short-video platform Gaana HotShots. The platform provides Indian content enthusiasts intuitive, seamless and snappy tools to create & share short viral videos and stories with a more than 150 million strong audience base.

The music and podcast streaming app claims to have a music library of 45 million songs, along with 5,000 user-generated podcasts per month in multiple genres and languages. As per Gaana, it had 185 million monthly active users as of September 2020, with targets to reach 250 million MAU by March 2021.

As per Sensor Tower data, the music and podcast streaming app has around 240 million downloads globally on Android and iOS devices to date.

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