New Delhi: India’s first regional and independent music streaming platform Damroo on Monday announced that it had raised an undisclosed amount in seed round funding. The round was led by a host of marquee investors, including Marwari Catalysts, one of India’s fastest growing startup accelerators and popular poet-litterateur Dr. Kumar Vishvas. The early-funding round also saw the participation of revered Jagadguru Nimbarkacharya Shriji Maharaj, along with corporate leader Umed Singh Rao and Ratnawali Singh. The company has declared that it envisions leveraging the fresh capital towards Platform upgradation & performance, Branding & promotion, User acquisition & retention, Content creation and Team building & structuring.
“Despite the entertainment and music industries scaling fresh heights, there is a persistent struggle among independent talents in our country. While they are deprived of a level-playing field due to streaming giants’ populist approach, the 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, a startup accelerator with 60+ portfolio startups, 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, audience 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 home grown brands amid the prevailing competitive scenario.”
Noted poet, author and litterateur Dr. Kumar Vishvas also spoke on the occasion, highlighting the need to promote and support talent on the grassroots. “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.”
Damroo intends to foster a 360-degree ecosystem for regional &independent artists, wherein they can earn, grow and own the copyright of their music in a most transparent environment. Home to diverse musical genres, including folk, classical, devotional, contemporary etc, Damroo India is also functional in the domain of Sync License Rights. With the regional music industry currently holding over 40% of the Indian music market share, Damroo has swiftly emerged as a game changer for scores of talented artists and localised businesses in the remotest parts of the country.
