New York based music streaming service Saavn is close to raising $30-40 million in a deal reportedly led by Hong Kong-based hedge fund Steadview Capital, according to the Economic Times. Saavn specializes in streaming music to the Hindi community and has a catalog of 1.1 million songs. Initial Saavn backers were Tiger Global Management and several angel investors. Related articles Top 28 Most Popular Facebook Music Apps Facebook Says Open Graph, Timeline Drive Music Discovery [Stats + Top 6 Music Apps]

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