Spotify India gets Rs 48 crore from parent, set to compete with JioSaavn, Gaana.com

Spotify India has received Rs 48 crore from parent company Spotify AB, according to documents sourced from business signals platform paper.vc.

The Indian subsidiary of the Swedish firm on January 24 had issued 4,80,00,000 compulsorily convertible debentures to Spotify AB at a face value of Rs 10 per share, the documents showed.

“Resolved that pursuant to provisions of section 62 and other applicable provisions (if any) of the Companies Act, 2013, application amount of Rs 48,00,00,000 having been received towards 4,80,00,000 CCDs of face vale Rs 10 to Spotify AB,” according to the copy of resolution passed by the board of dirctors of Spotify India, sourced from paper.vc.