Times Internet Makes a Strategic Merger of Gaana with ENIL

In December 2023, Times Internet made the decision to combine Gaana with its subsidiary, Entertainment Network India Limited (ENIL), following the failure of negotiations with Airtel Wynk. According to ENIL’s records with the National Stock Exchange (NSE), Gaana was purchased for Rs 25 lakh. Bennett Coleman supports ENIL, which is the owner of the well-liked FM radio program “Radio Mirchi.”

Gaana was estimated to be worth $580 million and had previously raised over $200 million. Prior to September 2020, Tencent owned roughly 35% of Gaana, with Times Internet owning the majority. Periodically, Times Internet has contributed money to keep Gaana operational. They lent Gaana Rs 100 crore in July 2023; the money was subsequently turned into shares.

Times Internet has consented to lend Gaana an additional Rs 10 crore. Yatish Mehrishi, the CEO of ENIL, stated that the business made an additional investment of Rs 15 crore in the first quarter of FY25. Gaana obtained loans totaling $90 million in 2020 and 2021 as a result of restrictions on investments from nearby nations.

In the most recent fiscal year (FY24), Gaana’s income fell by nearly 80% to Rs 12.5 crore. Following the transaction, ENIL increased the subscription price to Rs 599 and placed Gaana behind a paywall. The final quarter of FY24 saw revenue of Rs 9.5 crore from this. In the first quarter of FY25, ENIL had a loss of Rs 5.45 crore and saw a 25.79% decline in overall revenue to Rs 113.46 crore from the previous quarter.

There have been leadership changes at Gaana as well. In mid-2021, Sandeep Lodha took over as the company’s CEO, succeeding the veteran Prashan Agarwal, who departed in July 2023. Currently, Yatish Mehrishi, CEO of ENIL, is in charge of Gaana.