Mumbai-headquartered music streaming platform Damroo has raised an undisclosed amount in a seed funding round.
The round was led by a host of marquee investors, including Marwari Catalysts, a start-up accelerator in India and poet-litterateur Kumar Vishvas. The early-funding round also saw the participation of Shriji Maharaj, Umed Singh Rao and Ratnawali Singh.
The company has claimed that it will utilise the fresh capital towards platform upgradation and performance, branding and promotion, user acquisition and retention, content creation and Team building and structuring.
“Despite the entertainment and music industries scaling fresh heights, there is persistent struggle among independent talents in our country. While they are deprived of a level-playing field due to streaming giants’ populist approach, regional audience too, which is buzzing with aspirations and resources, remains very poorly served. In other words, as I always say -the richest Bharat is poorly served, and we are here to fill this void. We are encouraged by the faith shown in Damroo by all investors” said Ram Mishra, Founder and Managing Director of Damroo.
Sushil Sharma, Founder of Marwari Catalysts, added, “We have been instrumental in the growth of the country’s D2C space by strengthening startups with products built by Bharat, for Bharat. We relate with Damroo’s ethos to cater specifically to artists, audiences and brands/businesses alike in the regional and vernacular space. Mr Ram’s diverse and rich experience of 20 years in the Indian music industry further ticks the critical founder-business fit aspect. Furthermore, this investment is a manifestation of our undeterred zeal to support homegrown brands amid the prevailing competitive scenario.”
Addressing the development, Kumar Vishvas said, “India has always been identified as a culturally vibrant land that is home to innumerable great artists. No matter which part of the country you hail from, no matter what your mother tongue is, music is probably in the blood of every Indian. It is a matter of enormous satisfaction to back a platform where regional artists, music lovers and localised businesses across linguistic boundaries get access to exactly what they seek.”
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