Gaana has been acquired by ENIL, the parent company of Radio Mirchi, for ₹25 lakh.

After failed merger talks with Airtel's Wynk, Gaana, a popular music streaming service in India, has been bought by ENIL, the company that owns Radio Mirchi, for ₹25 lakh. 

Gaana had previously raised over $200 million from investors like Times Internet, Tencent, and Micromax, and was once valued at $580 million. Despite this funding, Gaana faced financial trouble and needed several debt injections from Times Internet to keep going.

In July 2023, Times Internet gave Gaana ₹100 crore in debt, which was later turned into company shares. By December 2023, Gaana was fully merged with ENIL, ending its run as an independent company. Details about Tencent's role and ownership are not clear.

After ENIL took over, they made Gaana a paid-only service and increased the subscription fee to ₹599. Although this change led to a revenue of ₹9.5 crore for Gaana in the last quarter of FY24, ENIL’s overall revenue dropped by 25.79% in the following quarter, and the company reported a loss of ₹5.45 crore.

There were also major management changes at Gaana during this time. Sandeep Lodha, who took over as CEO from Prashan Agarwal in mid-2021, resigned in July 2023. Now, ENIL’s CEO, Yatish Mehrishi, is managing Gaana. As part of a broader strategy, Times Internet has been selling off several of its other investments in recent years.