Lokesh Choudhary · · 2 min readIndia’s Pocket FM secures $103m, targets Europe and Latin America
Image Credit: Pocket FM
Pocket FM, an Indian audio entertainment platform, has raised US$103 million in a series D funding round led by Lightspeed, with participation from Stepstone Group. According to the company, its post-money valuation is US$750 million – nearly double its series C valuation.
The latest funding comes a little over a year after Pocket FM entered the US market. The firm said its 10 million users in the US are the most engaged globally, and revenue in the market has surpassed US$100 million in annualized run rate.
The company is gearing up for further global expansion, targeting Europe and Latin America in 2024. Currently, Pocket FM has more than 130 million users globally across more than 20 countries.
It also aims to enhance its original audio series offerings and “create a strong IP playbook,” while using generative AI to scale the offerings and develop personalized recommendations.
“We identified an unexplored space in the entertainment industry driven by an increasing demand for audio fiction and crafted a playbook to address this opportunity across every key market,” said Rohan Nayak, Pocket FM’s CEO and co-founder, in a statement.
Pocket FM said it has one of the largest repositories of exclusive audio series. It features over 100,000 hours of content, including 2,000 exclusive series and over 400,000 episodes across various genres and languages. This round has brought the firm’s total disclosed funding to about US$210 million, with investors including Tencent and Naver.
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Editing by Putra Muskita and Dhania Putri Sarahtika
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