Acquisitions and investment in India continue to intensify across the global music business.
Universal Music India kicked off 2026 by acquiring a 30% stake in Bollywood production house Excel Entertainment in a deal that valued the company at approximately $267 million.
South Korean entertainment giant HYBEexpanded into India in September 2025, opening its fifth global headquarters in Mumbai, while Reservoir launched a new Indian subsidiary, PopIndia, last year.
One of the most active acquirers in the market over the past couple of years has been Times Music, the record label and music publisher owned by media conglomerate The Times Group.
That venture has now completed its third strategic acquisition in India.
Times Music announced on Thursday (April 30) that it has acquired Catrack Entertainment Pvt. Ltd., a Punjabi music label founded in 1990 whose catalog spans what the company describes as a “golden era” of the genre.
The Catrack catalog features recordings by veteran Punjabi artists, including Babbu Maan, Malkit Singh, Channi Singh, and Dolly Singh, as well as early releases from acts such as Manmohan Waris, Surjit Khan, and Sukhwinder Panchhi.
Financial terms of the deal were not disclosed.
“Times Music reaffirms its commitment to preserving and powerfully amplifying the rich heritage of Punjabi music worldwide.”
Vineet Jain, The Times Group
“At The Times Group, we have always championed the voices that define India’s cultural fabric and with the acquisition of Catrack; Times Music reaffirms its commitment to preserving and powerfully amplifying the rich heritage of Punjabi music worldwide,” said Vineet Jain, Managing Director, The Times Group.
Mandar Thakur, CEO, Times Music, added: “The Catrack catalog is a cultural treasure that defined an era for Punjabi music lovers. This acquisition strengthens our commitment to preserving and re-energising India’s most iconic music and artists.”
“The Catrack catalog is a cultural treasure that defined an era for Punjabi music lovers. This acquisition strengthens our commitment to preserving and re-energising India’s most iconic music and artists.”
Mandar Thakur, Times Music
Gaurav Trehan, Director, Catrack Entertainment, said: “Times Music is an ideal partner for preserving the legacy of music created by Catrack, and the integrity and speed with which they closed this acquisition is commendable.”
“Times Music is an ideal partner for preserving the legacy of music created by Catrack, and the integrity and speed with which they closed this acquisition is commendable.”
Gaurav Trehan, Catrack Entertainment
David Loiterton, President, Indo & Asia Pacific, Primary Wave Music, added: “We’re delighted to welcome the legendary music of Catrack to our partnership with Times Music.
“Catrack is a great example of our pursuit of unique, iconic music IP that can transcend generations and cultures, and we’re looking forward to helping Times Music bring that music to new audiences around the world.”
“We’re delighted to welcome the legendary music of Catrack to our partnership with Times Music.”
David Loiterton, Primary Wave Music
The deal follows Times Music‘s earlier acquisitions of Symphony Recording Co. and ARC Musicq, announced in March 2025. Symphony Recording Co., founded in 1983, is claimed to be the leading label in Tamil spiritual and devotional music, while ARC Musicq, founded in 1985, is claimed to be a leading Kannada music label.
Times Music says it has an exclusive global distribution partnership with Speed Records, which it describes as the leading Punjabi music label. The company also has divisions spanning music publishing, brand solutions, and artist management.
The Primary Wave partnership was designed to fund further catalog acquisitions in the Indian market and accelerate the global reach of Times Music‘s repertoire.
The acquisition of Catrack comes amid a wave of dealmaking targeting Punjabi music catalogs specifically. In January 2024, Believeacquired the catalog of White Hill Music, which it described as a “Punjabi powerhouse,” including a YouTube channel with 23.4 million subscribers.
Catrack Entertainment‘s own YouTube channel has over 2.36 million subscribers and more than 1,600 videos, according to the channel’s public listing.
India‘s music market generated revenue of ₹59 billion ($677 million) in 2025, according to a joint report from EY and the Federation of Indian Chambers of Commerce and Industry (FICCI), and is forecast to reach ₹75 billion ($805 million) by 2028.
Separately, this week, Times Music’s partner, Primary Wave,raised $2.2 billion for its fourth music fund.Music Business Worldwide
