Pocket FM raises US$103 Million in Series D funding round

Pocket FM raises US$103 Million in Series D funding round

Pocket FM, an Indian audio entertainment platform, recently completed a series D funding round, securing US$103 million. The funding was led by Lightspeed, with Stepstone Group also participating. This round has elevated the company's post-money valuation to US$750 million, nearly double its previous valuation from the series C round.

• Investment Details: The recent funding round brings Pocket FM's total disclosed funding to approximately US$210 million. Notable investors in the company include Tencent and Naver, adding to the platform's credibility and growth potential.

• Company Background: Founded in 2018 by Prateek Dixit, Rohan Nayak and Nishanth KS, Pocket FM holds one of the largest collections of exclusive audio series, featuring over 100,000 hours of content.

• Market Presence: Pocket FM made its entry into the US market just over a year ago and has since garnered a strong user base of 10 million users. The company finds that its US users are among the most engaged globally, contributing to revenue exceeding US$100 million in annualized run rate from this market alone.

• Content Strategy: Pocket FM plans to enrich its content offerings by focusing on original audio series and developing a robust IP playbook. Leveraging generative AI technology, the platform aims to scale its offerings and provide personalized recommendations to users.

With eyes set on further expansion, Pocket FM is targeting Europe and Latin America for its next phase of growth in 2024. The platform currently serves more than 130 million users across over 20 countries worldwide.