As a matter of fact, RIL had merged its own digital music service Jio-Music with Saavn one and half year ago. Reliance Industries had invested $124 million into Saavn at a post-money valuation of the entity at $301 million, ET reported on April 2 last year. Of this, $104 million was to be paid to existing investors via a buyback while the remaining $20 million was infused into the company for operations.
JioSaavn’s top rivals are Gaana, owned by Times Internet, part of the Times Group which also publishes this paper; Amazon Music; Spotify; YouTube Music; Hungama; Wynk and Apple Music.
At present, Gaana is the market leader in India, having crossed more than 100 million users, as per industry estimates.