Indian music streaming service Gaana gobbled up Musicfellas
Gaana.com, an Indian music streaming service, has purchased indie music portal Musicfellas.com. The financial terms of the acquisition deal were not disclosed, according to Reuters.
The transaction will give Gaana access to music made by 700 indie artists of Musicfella. The deal would also expand Gaana's present mainstream music catalogue, the report detailed.
Under the terms of the said deal, Musicfellas' independent site will be shut down and its catalogue will be moved to Gaana, pending permission from the latter's musicians. Meanwhile, Musicfellas founders Mayank Jain, Shubhranshu Jain, Gaurav Shahlot, and the rest of the team will be integrated into Gaana, the report explained.
Gaana business head Pawan Agarwal said of the transaction: "Acquiring the team and product will help us to be at the forefront of online music broadcasting business in India, particularly on mobile. We are looking forward to build a large suite of applications on Gaana platform and thus expand the developer ecosystem around our product."