Hoopr Raises Rs 4 Crore in Pre-Series A Funding
Hoopr, a prominent music licensing platform, has successfully acquired Rs 4 crore in the initial phase of its Pre-Series A funding, which is spearheaded by Inflection Point Ventures (IPV) along with support from various family offices and existing investors. In addition, Hoopr is currently in advanced discussions with multiple investors to secure additional funding during this round. The current valuation of the company stands at Rs 160 crore post-money, marking a total capital infusion of Rs 18 crore.
Utilisation of Funds
The funds raised will be employed to enhance the growth of Hoopr Smash, boost product innovation, scale talent acquisition, and facilitate global expansion, as stated by Hoopr in an official announcement.
About Hoopr
Founded in 2021 by Gaurav Dagaonkar and Meghna Mittal, Hoopr operates as a music licensing marketplace, offering access to over 12,000 copyright-free music tracks and sound effects tailored for content creators and brands. Moreover, the platform presents a lucrative revenue opportunity for musicians by providing them with half of the licensing fees, once the upfront costs have been covered.
Hoopr Smash Features
Hoopr Smash provides advanced discovery tools, curated playlists, and rapid licensing options, making it simple for users to locate the ideal track for their projects. By delivering legally compliant music in just a few clicks, the platform empowers creators and brands to enhance their content while ensuring fair payment for artists.
Clientele and Partnerships
Hoopr has successfully onboarded over 30,000 creators, including notable figures such as Chef Ranveer Brar, Ashish Vidyarthi, Tanya Khanijow, My. Indian Hacker, Flying Beast, and Rajesh Rawani. Additionally, it has established partnerships with more than 180 B2B clients, featuring leading brands like Myntra, Marico, Sony LIV, Mumbai Indians, Meesho, and Cadbury.
Strategic Collaborations
Based in Mumbai, Hoopr has forged strategic alliances with Yash Raj Films Music, Universal Music, Saga Music, Merchant Records, and Adobe, while maintaining close ties with the Indian Performing Rights Society (IPRS). In its journey over the past three years, the platform claims to have collaborated with more than 300 independent artists across 21 regional labels, distributing over Rs 4.5 crore in royalties.