Music Streaming Platform Damroo Secures Seed Funding The fund raised will be utilized towards platform upgradation and performance, branding and promotion, user acquisition and retention, content creation and team building and structuring
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A music streaming platform, Damroo, on Monday announced that it has raised an undisclosed amount in Seed round funding led by a host of marquee investors, including Marwari Catalysts, 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. As per the company, the fund raised will be utilized 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, 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, Damroo.
Damroo intends to foster a 360 degree ecosystem for regional and independent artists, wherein they can earn, grow and own 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, the statement added.
"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," said Dr. Kumar Vishvas.
Commenting on the investment, Sushil Sharma, founder of Marwari Catalysts, also added that, "This investment is a manifestation of our undeterred zeal to support home grown brands amid the prevailing competitive scenario."