The Economic Times: March, 2014
New Delhi: Digital music services company Rdio on Friday said it has signed a definitive agreement to acquire music streaming service, Dhingana for an undisclosed amount.
Effective immediately, Dhingana founders Snehal Shinde and Swapnil Shinde will join the executive team at Rdio, where they will work to continue Rdio's expansion efforts in India as well as other emerging markets.
"We're excited to continue the mission and further our reach with Rdio," said Snehal Shinde, Co-Founder of Dhingana in a statement. "We look forward to working toward a unified launch in India through the Rdio brand in the near future."
Pune-based Dhingana was conceived by identical twins in 2007 who wanted to provide a reliable Indian music streaming service that could work across platforms and give users easy and legal access to music. In the year 2012 it raised Series B funds from Lightspeed, Inventus Capital, and Helion Ventures to the tune of $7 million but ran into rough water early this year and had to discontinue services.
Launched in August 2010, Rdio is headquartered in San Francisco and was founded by Janus Friis, the co-creator of Skype and is currently available in 51 countries. "We are honored to work with Snehal, Swapnil and their stellar team to build upon the success of Dhingana as a part of Rdio. 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," said Anthony Bay, Rdio's chief executive officer, "and it is our objective to bring that experience to India and to non-resident Indians and fans around the world."
Rdio India will launch later this year. Rdio's digital music service is meant to allow people to discover, play, and share music.