MUMBAI: Australia-based streaming service, Guvera, has completed a year in the Indian market, and the company plans to raise $100 million in an effort to expand its base. The music streaming service has over 6.5 million users in India, compared to 1.5 million users in its home market- Australia.

According to Business Insider, the company has raised the monumental amount in a round of funding from high net worth families and AMMA private equity. In the previous round of funding, Guvera raised $60 million, attracting 35,000 users per day.

Guvera’s global user base increased from 10 million in April 2015 to its current 15 million, and the growth has prompted the company to continue focusing on the ad-funded free-to-play model, considering users in emerging markets still prefer not to pay for the services.

Globally, the service faces competition from Spotify, Apple Music and Pandora, whereas it competes with Gaana, Saavn and Hungama in India.

Speaking to The Australian Financial Review, Chief Executive of Guvera, Darren Herft said, "Part of the strategy to target emerging markets was about competition. We're the only label in the world that has label agreements with labels like Sony, on top of the biggest Bollywood label in India as well."

Formed in 2008, Guvera entered the American market in 2010, and has expanded to India, Indonesia, Hong Kong, Malaysa, Phillipines and Singapore in Asia, making it one of the fastest growing streaming services currently.