Pocket FM, a fast-growing audio entertainment startup based in India, has recently secured $103 million in Series D funding. This significant investment will be used to enhance the company’s presence in the United States and fuel expansion into Europe and Latin America. With total funding reaching $196.5 million, Pocket FM is poised for even greater success.
Growing Global Presence
Led by previous investor Lightspeed Ventures and with participation from StepStone Group, the funding round demonstrates the continued faith and support in Pocket FM’s vision. Additional investors include Tencent, Times Internet, Tanglin Venture Partners, Goodwater Capital, and Naver.
This infusion of funds will enable Pocket FM to strengthen its foothold in the lucrative U.S. market and facilitate global expansion into Europe and LatAm markets in 2024. Since its launch in 2018, Pocket FM has focused on producing original and unique audio series across various genres. Its apps for iOS and Android provide both free and in-app purchase options for series and episodes.
A Vast Library of Content
Pocket FM boasts an impressive library that comprises more than 100,000 hours of content. This includes over 2,000 exclusive audio series and more than 400,000 episodes spanning a range of genres and languages. The company’s revenue run rate exceeds $150 million annually, with more than $100 million of that generated in the U.S. In 2023 alone, Pocket FM recorded over 20 million transactions, highlighting the platform’s popularity.
Globally, listeners spend an average of over 115 minutes daily indulging in Pocket FM’s content. U.S. audiences, in particular, are highly engaged, spending over 135 minutes daily enjoying the diverse range of audio series. The company boasts around 10 million registered users in the U.S. alone.
The Future of Entertainment
Rohan Nayak, CEO, and co-founder of Pocket FM, expressed the company’s excitement about this new funding. “We identified an unexplored space in the entertainment industry driven by an increasing demand for audio fiction,” Nayak said. “Our focus remains on tapping into unique and exclusive stories to solidify our leadership in this emerging category and create a strong IP playbook.”
Lightspeed partner Harsha Kumar also emphasized the uniqueness of Pocket FM’s approach. “What sets Pocket FM apart is its vision to set up a sustainable and profitable business, backed by its unique pricing strategy,” Kumar said. “They are not just building a new category but democratizing the entertainment landscape with a tech-driven approach.”
With its fresh funding, Pocket FM is poised for even greater success and is revolutionizing the way we consume audio content. By providing a diverse range of original series and episodes, Pocket FM is reshaping the future of entertainment. To learn more about Pocket FM and its exciting journey, visit F5mag.com.