Pocket FM has successfully raised $103 million in a Series D funding round to accelerate its growth and business expansion the US, Europe and Latin American markets in the current year.
Established in 2018 by Rohan Nayak, along with Nishant S and Prateek Dixit, Audio entertainment platform offers podcasts and other content in Hindi, Tamil, Bengali and other regional languages. The company has surpassed $150 million ARR and is growing at 57% QoQ, it said in a statement.
“Our focus remains on tapping into unique and exclusive stories to solidify our leadership in this emerging category and create a strong IP playbook,” said Rohan Nayak, CEO and Co-Founder of Pocket FM. The firm made its US entry in Q4 of 2022; its revenue in this market has surpassed $100 million ARR, the company said in a statement.
Pocket FM revenues surpass $100 Mn ARR
“What sets Pocket FM apart is its vision to set up a sustainable and profitable business, backed by its unique pricing strategy,” said Harsha Kumar, Partner at Lightspeed.
In its beta phase, the platform has built a community of 1.5 lakh writers, with some top-performing writers making over $2,500 every month, the company revealed in the statement.
In the past the firm raised $65 million in a Series C funding round led by Goodwater Capital, Naver, and existing investor Tanglin Venture Partners in March 2022. Get connected to Pocket FM In February this year, the audio entertainment launched Pocket Novel, an online reading platform connecting Indian writers and readers.
The audio entertainment platform goal is to become as a gateway for visibility and earning possibilities for writers, additionally enbable them with distribution across formats and categories.
The latest funding round was led by Lightspeed. Stepstone Group also participated in the round. This brings Pocket FM’s total funding till date to $196.5 million.
