Saregama

What Saregama does

Saregama India Ltd., part of the RP-Sanjiv Goenka Group, is India's oldest music label (founded 1902) and the largest in-perpetuity global owner of both sound recording and publishing copyrights of Indian music. The company owns a catalogue of over 180,000 songs and 4,000+ hours of TV content across 14 Indian languages, with additional rights to pre-independence era recordings that no competitor can replicate. Headquartered in Kolkata with offices in Mumbai, Delhi, Chennai, Newark (USA), and Harrow (UK), Saregama is publicly listed on NSE and BSE and is a Nifty 50 constituent. The company operates as a multi-product media platform spanning physical hardware (Carvaan, Carvaan Mini, Carvaan Plug & Play, LP Vinyl), digital retail (saregama.com music store for MP3/HD downloads), mobile applications (Carvaan App at ₹299/year, Padhanisa, Bhakti, Classical), B2B music licensing (business.saregama.com), live events (Carvaan Live, UN40), film production (Yoodlee Films), artist management for 300+ artists, and youth-focused digital entertainment via majority-owned Pocket Aces (Dice, FilterCopy, Clout, Candid, Vital).

The company's technology stack is anchored by a GenAI-powered music video production capability that reduces production time from 10-12 days to under 3 days when applied to its legacy catalogue, supplemented by a dedicated AI-efficiency team focused on cost optimization and copyright infringement tracking across digital platforms. A December 2025 ₹325 crore investment in Bhansali Productions secures formula-based exclusive music rights to future Bhansali films (including 'Love & War'), and Pocket Aces plus the Finnet Media acquisition extend the company into youth digital content with hundreds of millions of followers of combined reach. The technology infrastructure is primarily application-layer AI for production efficiency and IP enforcement rather than proprietary model development.

Saregama generates revenue through six primary streams: music licensing and royalties (the core driver, growing 17% YoY in music segment revenue to ₹814.4 crore in FY26), Carvaan hardware sales (declining 24.66% to 55,000 units in Q4 FY26), artist management (more than doubled to ₹42.46 crore in Q4 FY26), Yoodlee Films production, direct digital music sales (₹0.99 MP3 / ₹2.49 HD), and app subscriptions. The go-to-market combines direct-to-consumer e-commerce and retail with enterprise B2B licensing for films, broadcasters, telecom operators, brands, and streaming platforms. FY26 consolidated revenue was ₹985 crore with ₹207 crore net profit, and Q4 FY26 delivered a record ₹120.8 crore EBITDA at a 42% margin.

Name

Saregama

Legal name

Saregama India Ltd.

Website

https://saregama.com

Company type

Public

Founded year

1902

Operating status

Operating

Headcount range

251–500 employees

Short description

Saregama India Ltd. is India's oldest music label and the largest in-perpetuity global owner of Indian sound recording and publishing copyrights, with 180,000+ songs across 14 languages. It monetizes its catalogue through B2B music licensing, Carvaan hardware, digital downloads, subscription apps, live events, film production, and artist management.

Ownership category

akta.pro rank

Product category

Music and Media Entertainment

NAICS

Music Publishers (51223), Record Production and Distribution (512250), Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers (516210), Motion Picture and Sound Recording Industries (512)

SIC

Phonograph Records & Prerecorded Audio Tapes & Disks (3652), Services-Motion Picture & Video Tape Production (7812), Retail-Record & Prerecorded Tape Stores (5735)

akta.pro primary industry

Publishing Administration (Catalog Admin, Global Subpublishing) (MPAIABAB)

akta.pro secondary industries

Music & Audio Streaming Platforms (BPAMAJAC), Royalty Accounting & Payment Services (Statements, Audits, Payee Management) (MPAIABAL), Creator Licensing & Rights Monetization (UGC Licensing, Music/Video Rights) (MPACAFAK), Rights Data, Metadata, Identifier & Repertoire Management (ISWC/ISRC/IPI, Matching) (MPAIAKAF)

Keywords

• Music catalogue licensing
• Portable music players
• Music downloads store
• Artist management services
• Film production studio

Headquarters

HQ city

Kolkata

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Music Licensing & Royalties: Licensing of Saregama's 180,000+ song catalogue and publishing rights to streaming platforms, TV channels, films, brands, and telecom operators. Also includes caller tune licensing. This is the core revenue driver with strong IP-led monetization and 17-29% YoY growth in recent quarters.
2. Carvaan Hardware Sales: Sale of Carvaan portable digital music players, Carvaan Mini, Carvaan 2.0, and Carvaan Gold 2.0 across Indian and international markets via saregama.com and Amazon. Q4 Carvaan sales declined 24.66% to 55,000 units.
3. Artist Management: Saregama Talent and Exclusive Artiste divisions manage a roster of 300+ artists, generating revenue from performances, live events, and brand endorsements. Artist management revenue more than doubled to ₹42.46 crore in Q4 FY26.
4. Yoodlee Films Production: Film production through Yoodlee Films, producing films for theatrical, satellite, and VOD platforms. Films include 'Malaikottai Vaaliban', 'Warning 2', 'Dilruba', and others distributed via Hotstar, Chaupal, and IMDb.
5. Digital Music Sales: Sale of MP3 and HD audio tracks through saregama.com music store, covering Hindi films, regional films, devotional, classical, ghazals, and music videos.
6. App Subscriptions: Carvaan Premium App subscription at ₹299/year, plus Padhanisa (music learning), Classical App, and Bhakti App generating recurring subscription revenue.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels9 records

Core offering

Saregama India Ltd. monetizes the largest in-perpetuity global catalogue of Indian music (over 180,000 songs across 14 languages) through commercial music licensing to streaming platforms, film studios, telecom operators and advertisers; the Carvaan line of portable digital music hardware; a digital music store for MP3 and HD downloads; subscription-based music learning and devotional apps; live concert and event production; film production via Yoodlee Films; and artist management services for over 300 performers.

Product overview

Saregama India Ltd., an RP-Sanjiv Goenka Group company, operates as India's oldest music label and a multi-language content producer, offering a multi-product portfolio spanning physical music retail, digital downloads, hardware devices, mobile applications, music licensing, live events, film production, and artist management. The core offering revolves around its catalogue of over 180,000 songs across 14 Indian languages, supplemented by hardware products (Carvaan and Carvaan Mini portable music players; Carvaan Plug & Play; LP Vinyl records), software products (Carvaan App, Padhanisa music learning app), commercial licensing services, live event production (Carvaan Live, UN40), film production via Yoodlee Films, artist management for 300+ artists, and its recently acquired digital entertainment subsidiary Pocket Aces (with sub-brands Dice, FilterCopy, Clout, Candid, Vital). The company also holds significant in-perpetuity global sound recording and publishing copyright ownership of Indian music.

Differentiator

Problem solved

Functional benefit

Brands

• Carvaan: Portable digital music player with pre-loaded evergreen songs, available in Hindi and regional language variants
• Carvaan Mini
• Carvaan App
• Padhanisa
• Yoodlee Films
• Pocket Aces
• Bhakti App
• Classical App

Products and services

• Saregama Music Store

Quantifiable outcome

• Digital reach of 650+ million followers across platforms
• +5 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• Vodafone IdeaminorChannel Partner/ Reseller/ Distributor · 13 February 2026Vodafone Idea used Saregama's sound recordings for caller ringback tone (CRBT) services. In a May 2026 ruling, the Calcutta High Court held that Vodafone also needs separate IPRS licences for underlying musical and literary works, beyond sound recording rights — clarifying that Saregama does not hold authority to license the underlying works, only the sound recordings.
• Bhansali ProductionscoreStrategic or Co-development Partner · 16 December 2025Saregama invested ₹325 crore ($36 million) in Bhansali Productions, acquiring a 28% to 49.9% stake by October 2028. The deal grants Saregama exclusive rights to music from Bhansali's future films, aiming for long-term IP visibility and cost control. Bhansali Productions retains full creative control and IP ownership over its films. The investment is expected to be EPS accretive by FY27 and enables Saregama to exit its filmmaking business within 3-5 quarters. Bhansali's film 'Love & War' has a budget exceeding ₹425 crore.
• Pocket Aces Pictures Private Ltd.coreStrategic or Co-development Partner · 21 August 2024Saregama completed its acquisition of Pocket Aces Pictures Private Ltd., acquiring a majority stake (51.82% for ₹174 crore / $20 million, with plans to invest an additional $1.8 million to reach up to 92.61% ownership). Pocket Aces operates youth-focused digital entertainment brands: Dice (premium storytelling), FilterCopy (India's #1 youth pop culture), Clout (youth culture creators), Candid (honest youth conversations), and Vital (youth wellness). The acquisition extended Saregama's reach to the 18-35 demographic through short-video content and expanded its digital audience by hundreds of millions of followers.
• Novex Communications Pvt LtdcoreChannel Partner/ Reseller/ DistributorNovex Communications Pvt Ltd has been entrusted with the exclusive on-ground public performance rights of Saregama's sound recordings and music videos. This enables Novex to license Saregama's music for live events, venues, and public performances across India.
• Yoodlee Films Distribution Partners (Hotstar, Chaupal, AA Films, IMDb)coreChannel Partner/ Reseller/ DistributorYoodlee Films produces content distributed across multiple platforms: Hotstar for 'Malaikottai Vaaliban', Chaupal for 'Warning 2', and theatrical distribution through AA Films. IMDb provides ratings and discovery for all Yoodlee titles.
• Lijo Jose Pellissery and Regional Filmmakers (Yoodlee Films)minorStrategic or Co-development PartnerYoodlee Films partners with acclaimed regional filmmakers including Lijo Jose Pellissery (director of 'Malaikottai Vaaliban'), Amar Hundal ('Warning 2'), and others to produce distinctive regional cinema distributed on OTT and theatrical platforms.
• Global Streaming Platforms (JioSaavn, Amazon Music, Apple Music, YouTube)coreChannel Partner/ Reseller/ DistributorSaregama licenses its 180,000+ song catalogue to global and Indian streaming platforms. Managing Director Vikram Mehra stated the company is working with platforms to ensure no value is assigned to purely AI-generated content, and is also exploring licensing its catalogue for AI data training as a future monetisation opportunity.
• Indian Performing Right Society (IPRS)minorOthersIPRS represents lyricists, composers, and publishers, asserting independent royalty rights over underlying musical and literary works embedded in songs. The Calcutta High Court confirmed IPRS rights are separate from sound recording rights held by Saregama, and telecom operators need separate IPRS licences — a ruling that affects Saregama's licensing arrangements with telecom operators like Vodafone Idea.

Scale indicators11 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• T-Series: India's largest music label and film production house, also a Nifty-listed media company. Most directly comparable peer given overlap in Bollywood soundtracks, devotional music, film music publishing, and similar B2B licensing + D2C model.
• Times Music: Music label of Bennett Coleman & Co. (Times Group), covering devotional, ghazal, Bollywood and regional catalogues. Similar IP-led music publishing and licensing business in India.
• Tips Industries: Listed Indian music label with a strong Bollywood and Indi-pop catalogue, monetizing via streaming, sync licensing, and film music. Comparable business model and Indian music rights ownership focus.
• Zee Music: Music label of Zee Entertainment (now part of the merged ZEEL-Sony entity), focused on Bollywood film soundtracks and digital distribution. Strong overlap in film music rights acquisition and YouTube-led discovery.

Broad incumbents

• Believe Music: Global digital music company distributing and marketing catalogues across DSPs. Comparable as a tech-enabled distribution and rights management partner that Saregama could use or compete with for catalogue reach.
• Sony Music Entertainment India: Global major-label's Indian arm, licensing international and Indian catalogues to DSPs, films, and brands. Direct competitor for streaming licensing deals and a benchmark for music publishing economics in India.
• Universal Music India: Indian operations of the global music major, focusing on catalogue licensing, distribution, and artist development. Comparable on B2B licensing and publishing rights administration.
• Eros International (now Eros STX Global / merged entities): Indian film production and distribution company historically tied to music rights and Bollywood IP monetization. Comparable on film-music adjacency, though its recent restructuring has narrowed the overlap.

Regional players

• Aditya Music: Leading Telugu and Tamil music label with deep South Indian film music rights. Comparable regional music rights ownership and film-music-centric monetization model.

Emerging players

• Hungama Digital Media: Indian digital entertainment platform combining music streaming, video, and original content. Overlaps with Saregama's digital/app ambitions and competes for digital music consumer mindshare.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/saregamaglobal
• YouTubeyoutube.com/channel/UCC89oVFqenaffhBoyqxd6qw
• Facebookfacebook.com/saregama
• LinkedInlinkedin.com/company/hmv-saregama-india-ltd
• Instagraminstagram.com/saregama_official

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Saregama