In December 2023, Gaana was acquired by Radio Mirchi’s parent company, Entertainment Network India Limited (ENIL), for a mere Rs 25 lakh. This significant transaction took place after potential merger and acquisition talks with Airtel Wynk fell through, according to a report by Entrackr.
According to the media report, following the acquisition, Times Internet and Tencent-backed Gaana consolidated with Times Group’s listed subsidiary, ENIL. Surprisingly, this major move has not garnered extensive media coverage so far.
ENIL, promoted by Bennett Coleman, is known for operating the popular FM radio brand ‘Radio Mirchi’. To provide some background, Gaana had raised over $200 million throughout its existence and was last valued at approximately $580 million, based on data from Entrackr. This consolidation suggests a distress sale, indicating that Gaana abandoned hopes for a third-party acquisition. Details regarding the acquisition remain sparse, with no clear information about Tencent’s stake in the 14-year-old platform.
