Saregama India gets ₹32.18 crore in fire insurance claim settlement

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Company lost stocks of its radio music player Carvaan, music cards in the blaze

RP-Sanjiv Goenka Group entity Saregama India Ltd. (SIL) has received ₹32.18 crore from National Insurance Company towards settlement of claim for a fire that damaged company’s godown in Bhiwandi, Maharashtra, last year.

In a regulatory filing, the company said that the settlement was towards loss of stocks of radio music player (Carvaan, Carvaan Mini) and music cards of the company. Formerly known as the Gramophone Company of India, Saregama owns the largest repertoire of songs in India and has in its archives nearly 3 lakh songs in 36 languages.

Saregama India’s verticals include music, TV and film content development, and film production and publication. Its biggest success, however, was Carvaan, a digital audio player pre-loaded with yesteryear songs, launched in 2017. The instrument resembles a Murphy radio (a brand owned by SIL). This came at a time when the company was wondering how to monetise its assets. SIL closed the third quarter of 2018-19 with ₹12.3 crore profit against ₹1.3 crore a year ago.

New launch

In an another regulatory filing , the company said it had launched Carvaan Go, which offers music on the go. A release said that the device weighed 88 gms and had 3,000 retro songs.

It also has FM/AM and a micro SD card. “Carvaan Go is our response to customers wanting to listen to their favourite music outside their home in an uninterrupted fashion,” said Saregama MD Vikram Mehra.

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