Radio Mirchi’s parent acquires Gaana for Rs 25 lakh

After unsuccessful merger and acquisition talks with Airtel Wynk, Gaana, an on-demand music streaming platform backed by Times Internet and Tencent was consolidated with Times Group’s listed subsidiary Entertainment Network India Limited (ENIL) in December 2023, as reported by Entrackr, a media platform for entrepreneurs, startups and technology enthusiasts.

Reportedly, Gaana was acquired for Rs 25 lakh, as per ENIL’s filings with the National Stock Exchange (NSE). ENIL is promoted by Bennett Coleman and operates FM radio brand ‘Radio Mirchi’. As per Entrackr’s data, Gaana raised over $ 200 million in its lifetime, the platform was valued at around $580 million. Its consolidation with ENIL seems to indicate the firm’s hopelessness of a third-party acquisition.