In the first tranche of its Pre-Series A financing, which was led by Inflection Point Ventures (IPV) and included participation from many family offices and current investors, music licensing platform Hoopr raised Rs 4 crore.
Key Highlights
- Hoopr has paid ₹4.5 crore to over 1,500 artists via micro-sync licensing.
- It partners with IPRS to ensure transparent, timely royalty payments to creators.
In order to secure more funds for this round, Hoopr is also in advanced discussions with a number of investors. The company's post-money valuation after this round is Rs 160 crore, bringing its total capital raised to Rs 18 crore.
According to a press release from Hoopr, the profits will be utilized to boost product innovation, scale talent, accelerate Hoopr Smash's growth, and support global development.
Hoopr, a music licensing marketplace co-founded in 2021 by Gaurav Dagaonkar and Meghna Mittal, offers a platform with more than 12,000 copyright-free music tracks and sound effects for brands and content creators. It also gives musicians a way to make money by paying them half of the licensing fees after the initial costs are covered.
Hoopr Smash makes it simple for users to choose the ideal song for their project by providing easy licensing options, curated playlists, and intelligent discovery features. It enables companies and producers to enhance their content while guaranteeing artists receive due remuneration by offering legally compliant music with a few clicks.
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More than 180 B2B clients, including well-known companies like Myntra, Marico, Sony LIV, Mumbai Indians, Meesho, Himalaya, Cadbury, and others, as well as more than 30,000 creators, like Chef Ranveer Brar, Ashish Vidyarthi, Tanya Khanijow, My. Indian Hacker, Flying Beast, and Rajesh Rawani, have joined Hoopr.
The Mumbai-based business claims to have collaborated closely with the Indian Performing Rights Society (IPRS) and formed strategic alliances with Yash Raj Films Music, Universal Music, Saga Music, Merchant Records, and Adobe. The website claims to have worked with over 300 independent musicians from 21 regional labels over the last three years, paying out more than Rs 4.5 crore in royalties.
