The company has said that fresh capital will be invested towards platform upgradation, performance, branding, promotion, user acquisition and retention, content creation, team building and structuring.
“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,” Ram Mishra, founder and managing director of Damroo said in a statement.
The company said it intends to foster a holistic ecosystem for regional and independent artists, wherein they can earn, grow and own the copyright of their music. It said that the regional music industry currently holds over 40% of the Indian music market share.
“We relate with Damroo’s ethos to cater specifically to artists, audience and brands/businesses alike in the regional and vernacular space. Furthermore, this investment is a manifestation of our undeterred zeal to support homegrown brands amid the prevailing competitive scenario,” Sushil Sharma, founder of startup accelerator Marwari Catalysts said.
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 said in a release.
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