Pocket FM raises $22.4 million in Series B funding round.
- ByStartupStory | December 7, 2021
Indian Audio streaming platform, Pocket FM raised an amount of $22.4 million in a Series B funding round led by venture capital firm Lightspeed. The round also involved investor Tanglin Venture Partners and existing investors including The Times Group, which owns ETtech.
The audio platform offering over 100,000+ hours of Audiobooks and Podcasts across three Indian languages viz Hindi, Tamil and Bengali, was created in 2018 by Rohan Nayak, Nishanth Srinivas and Prateel Dixit. The startup plans to use the capital raised to scale up operations, build a community of content creators, expand its presence across geographies and invest in technology for better recommendations.
Reacting to the funding round, CEO Rohan Nayak said, “We are building a robust ecosystem for Audio OTT with Pocket FM and its community of content creators. 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,”.
Partner at investment firm Lightspeed, Harsha Kumar also commented, “We are excited to back the Pocket FM team as they scale 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 and in becoming the go-to destination for audio content creators”
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