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Business News/ Companies / Start-ups/  Pocket FM raises $22.4 million in Series B funding round
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Pocket FM raises $22.4 million in Series B funding round

The company will use the fresh capital to scale up its operations, further bolster its community of content creators, while increasing its presence across geographies. The company will also use the proceeds from the fundraise to invest in technology and improve recommendations for users.

Prior to this round, Pocket FM had raised $650,000 in seed funding and another $5.6 million as a part of its Series A fundraise.Premium
Prior to this round, Pocket FM had raised $650,000 in seed funding and another $5.6 million as a part of its Series A fundraise.

Bengaluru: Audio-based over-the-top (OTT) platform, Pocket FM, has raised $22.4 million as part of its Series B funding round led by Lightspeed, the company said on Monday.

The Series B round also saw participation from Times Group and first-time investors in the company, Tanglin Venture Partners.

According to the company, it will use the fresh capital to scale up its operations, further bolster its community of content creators, while increasing its presence across geographies. The company will also use the proceeds from the fundraise to invest in technology and improve recommendations for users.

Three-year-old Pocket FM allows creators on its platform to offer premium audio-based long form content in eight Indian languages including Hindi, Tamil, Telugu, Malayalam, Bangla, among others.

“We are at a juncture where both Pocket FM and the overall audio OTT space are witnessing exponential growth. Audio storytelling has now become a mainstream content format for entertainment and our mission is to build Pocket FM as a global entertainment service provider. We are grateful to our investors for their continued faith and support in our vision," said Rohan Nayak, co-founder and chief executive officer (CEO), Pocket FM, in a statement.

Within three years, Pocket FM claims to have registered over 40 million downloads, 3 billion monthly listening minutes, and more than 110 minutes being spent by users daily on its app.

“We are excited to back the Pocket FM team as they scale up to build the future of audio content and are looking forward to the next phase of this incredible journey. The team has constantly innovated ahead of the curve, with multiple language offerings for their short and long form audio content," said Harsha Kumar, Partner at Lightspeed.

Pocket FM intends to surpass the 100 million users mark over the next six months.

“Pocket FM is a pioneer in the audio OTT space in India, and their approach towards democratizing audio content creation is a game-changer. The company’s stellar growth trajectory, user engagement, and retention are a testament of the consumer’s love for Pocket FM’s product. We look forward to working with the Pocket FM team towards building a large and enduring business," said Sankalp Gupta, partner, Tanglin Venture Partner.

At present, Pocket FM works with over 17,000 writers and voice artists.

Prior to this round, Pocket FM had raised $650,000 in seed funding and another $5.6 million as a part of its Series A fundraise. It counts Tencent among other marquee investors in the company.

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Published: 06 Dec 2021, 05:01 PM IST
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