MUMBAI: After music streaming service Saavn raised over $100 million not so long ago, its competitor Times Internet’s Gaana.com is all set to make a similar move in order to expand its base and invade newer territories. If industry sources are to be believed, the venture is looking to raise over $150 million.

While Gaana.com business head Pawan Agarwal confirmed to Indiantelevision.com on the fund raising, he declined to disclose the amount as well as the parties that were looking at investing into the venture.

“India is a vast market and we have aspirations of expansion and to fuel that we plan to raise funds through venture capitals and other private investors,” said Agarwal.

It may be recalled that recently, Saavn announced its move to enter into delivering video content to its subscribers. When queried as to whether Gaana was also looking to take the same route, Agarwal replied, “At this point of time, we do not have such plans. There is enough room in the music streaming market and we are concentrating on that.”

So far, the Times Group has invested $25 million in Gaana.com, which has crossed 22 million downloads across Android and iOS as well as clocked 16 million monthly active users. On the other hand, Saavn, which was founded in 2007, has 14 million monthly active users, up from 11 million in the first quarter of 2015. What’s more, it expects to cross 20 million by the end of the year.

The music streaming players in India are planning thick and fast so as not to leave the market wide open for rivals.