Times Internet and Tencent-backed Gaana consolidated with the Times Group’s subsidiary, Entertainment Network India (ENIL) in December 2023, after merger and acquisition discussions with Airtel Wynk fell through.
Gaana was acquired for ₹25 lakh. ENIL, which operates ‘Radio Mirchi,‘ is promoted by Bennett Coleman.
Gaana, having raised over $200 million in its lifetime and last valued at approximately $580 million, is now consolidating with ENIL. This move suggests a distress sale, marking a shift away from its previous hopes for a third-party acquisition, reports stated.
Until September 2020, Times Internet held a majority stake in Gaana, while Tencent owned approximately 35% of the company.
To ensure the continued operation of the platform, Times Internet has consistently injecting debt in Gaana at regular intervals. In July 2023, Gaana received Rs 100 crore debt from Times Internet, which was later converted into equity shares.
