Audio entertainment platform Pocket FM has successfully raised $103 million in a Series D funding round, with Lightspeed leading the investment charge.
Stepstone Group also participated in the round, marking a significant milestone for Pocket FM. This latest funding infusion brings Pocket FM’s total funding to date to an impressive $196.5 million.
Expansion Plans:
With the newfound financial backing, Pocket FM is gearing up to intensify its presence in the United States while simultaneously eyeing expansion opportunities in Europe and Latin American markets.
The company aims to leverage the funding to fuel its growth trajectory and solidify its position in the global audio entertainment landscape.
Founding Vision:
Founded in 2018 by Rohan Nayak, Nishant S, and Prateek Dixit, Pocket FM has emerged as a leading platform offering podcasts and diverse content in languages such as Hindi, Tamil, Bengali, and others.
With a focus on unique and exclusive stories, Pocket FM has surpassed $150 million in Annual Recurring Revenue (ARR) and continues to experience robust growth at a rate of 57% Quarter-over-Quarter (QoQ).
Leadership Perspective:
Rohan Nayak, CEO, and Co-Founder of Pocket FM, underscores the company’s commitment to curating compelling narratives and establishing a strong Intellectual Property (IP) playbook.
Nayak emphasizes that Pocket FM’s mission remains centered on delivering exceptional content experiences and consolidating its leadership position in this burgeoning industry.
Market Penetration:
Pocket FM’s foray into the United States market in Q4 of 2022 has yielded promising results, with revenue surpassing $100 million ARR.
The company’s strategic approach, coupled with its unique pricing strategy, has set Pocket FM apart in the competitive audio entertainment landscape, as noted by Harsha Kumar, Partner at Lightspeed.
Previous Funding Rounds:
This Series D funding round follows Pocket FM’s successful Series C funding, where it raised $65 million led by Goodwater Capital, Naver, and existing investor Tanglin Venture Partners in March 2022.
The consistent support from investors underscores confidence in Pocket FM’s vision and growth potential.
Innovative Offerings:
In February of the current year, Pocket FM diversified its portfolio with the launch of Pocket Novel, an online reading platform facilitating connections between Indian writers and readers.
This innovative platform aims to enhance visibility and earnings for writers while providing readers with a diverse array of content across various formats and genres.
Community Building:
During its beta phase, Pocket Novel has garnered significant traction, attracting a community of 1.5 lakh writers.
Notably, some top-performing writers have been able to generate over $2,500 in monthly earnings, underscoring the platform’s impact on empowering creators and fostering a vibrant literary ecosystem.
Conclusion
Pocket FM’s latest Series D funding round represents a significant milestone in its journey towards becoming a global leader in audio entertainment. With robust expansion plans, a commitment to quality content,
and innovative offerings such as Pocket Novel, Pocket FM is poised to redefine the landscape of digital media consumption while empowering creators and delighting audiences worldwide.
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