Rdio acquires Dhingana; paves way for India foray
Mar 16 2014 , New Delhi
However, no financial details of the deal were disclosed.
Set up in 2007, the Pune-based firm offered legal music streaming services across platforms with its portfolio of over one million songs in 42 languages.
It had raised USD seven million in Series B funding from Lightspeed, Inventus Capital and Helion Ventures but shut shop last month.
Rdio was founded by Skype co-creator Janus Friis in August 2010. Headquartered in San Francisco, the company currently offers services across 51 countries, including the US, Argentina, Israel, Nicaragua, South Africa and Uruguay.
Rdio will launch its service in India later this year, Rdio said in a statement.
Dhingana's team in India will join Rdio, including its founders Snehal Shinde and Swapnil Shinde, who will join the executive team at Rdio.
"Over the past seven years, Dhingana has worked hard to build a music platform that allows millions of users around the world to enjoy the diverse music of India, including a massive Bollywood catalog. We're excited to continue this mission and further our reach with Rdio," Snehal Shinde said.
The twin brothers will work to continue Rdio's expansion efforts in India as well as other emerging markets.
"India is a tremendously vibrant market for music and culture and one of the largest and most important in the world. We are one of very few global companies that can provide a great music experience to an expanding international audience," Rdio Chief Executive Officer Anthony Bay said.
Rdio offers access to over 20 million songs and over 400 genre radio stations. On December 11, 2013, it commenced services across 20 new countries.
At the start of 2013, only 30% of Rdio's monthly active users (MAUs) came from territories outside the US. This grew to 57% by the end of December last year.