Audio-streaming platform Pocket FM raises USD 65 Mn in Series C funding

Audio-streaming platform Pocket FM raises USD 65 Mn in Series C funding

by Pranali Mehta

Audio-streaming company, Pocket FM has reportedly raised USD 65 million in a Series C funding round. The latest fundraising was led by South Korea’s Naver, Goodwater Capital, and existing investor including Tanglin Venture Partners.

The news comes three months after the company raised USD 22.4 million in its Series B round. Investors like Lightspeed, Times Group, Tencent, and Tanglin Venture Partners have majorly contributed to the start-up’s total funding of USD 93.6 million to date.

The Gurugram-based firm intends to use the capital raised to improve its product, expand to additional languages, invest in AI capabilities, and build its community of audio content makers while also assisting them in monetizing their work on the platform.

CEO of Pocket FM, Rohan Nayak stated that this latest funding round has demonstrated the market leadership and confidence in the company’s execution ability. Over the last year, audio consumption has skyrocketed, and Pocket FM is on a quest to establish the world's largest audio OTT platform.

According to Nishanth KS, Co-Founder of Pocket FM, the consumption of audio courses has surged considerably, while the demand for audio course-based self-help books has increased 12 times. Users are on the lookout for high-quality knowledge to help them improve their skills and the firm hopes to expand its creator community.

For those unaware, Pocket FM, which was founded in 2018 by Prateek Dixit, Nayak, and Nishanth Srinivas claims to have over 100,000 hours of long-format audio programming in English and seven Indian languages, including Tamil, Hindi, Telugu, Bengali, Malayalam, Maratha, and Kannada. The company also claims to have over 50,000 professional user-generated content (PUGC) writers and voice artists as part of its creator community.

The service is accessible for USD 5.24 per year as part of a yearly subscription. It also has a free ad-supported version with a limited library of content. The company further claims that users spend more than 110 minutes each day on the app.

Source Credit:

https://www.moneycontrol.com/news/business/startup/audio-streaming-startup-pocket-fm-bags-65-million-series-c-funding-8187261.html

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta dutifully walked down the slated path and worked in a chemical firm for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience in content writ Read more...