Pocket FM Announces Another Round of Layoffs, 75 Employees Affected
- ByStartupStory | January 20, 2025
Audio entertainment platform Pocket FM is undergoing yet another restructuring exercise, leading to job losses for around 75 employees. The startup stated that the move is essential “to ensure the long-term sustainability” of the organization.
“As part of our commitment to building a more efficient and profitable organisation, we have made the difficult decision to part ways with close to 75 of our valued team members,” a spokesperson of Pocket FM said in a statement.
However, sources have revealed that the actual number of employees affected by the layoffs could be significantly higher than what the company has publicly disclosed. According to a report by Moneycontrol, the technology department is expected to bear the brunt of the restructuring.
This marks the second round of layoffs at Pocket FM within a few months. In October 2024, the company reportedly laid off 50 employees, following a larger cut in July when approximately 200 US-based writers were let go.
Founded in 2018 by Rohan Nayak, Nishanth KS, and Prateek Dixit, Pocket FM offers a wide range of audio content spanning genres such as romance, science fiction, and action thrillers across multiple languages.
In 2023, the startup raised $103 million (approximately INR 857 crore) in its Series D funding round led by Lightspeed, with participation from Stepstone Group. The funds were intended to bolster its presence in the US market and facilitate expansion into Europe and Latin America.
Pocket FM derives 70% of its revenue from the US market, followed by 15% from India, with the remaining coming from other regions. In November last year, the company reported an impressive 496% surge in global revenue, reaching INR 1,051.97 crore in FY24 compared to INR 176.36 crore in the previous fiscal year. Additionally, the company managed to reduce its global loss by 21% to INR 165 crore from INR 209 crore in FY23.
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