Pocket FM Secures $103M in Series D Funding Round Led by Lightspeed
- ByStartupStory | March 20, 2024
Pocket FM, the burgeoning audio entertainment platform, has successfully closed a Series D funding round, securing a substantial $103 million. The financing was spearheaded by Lightspeed, a prominent venture capital firm, with participation from Stepstone Group. With this latest injection of capital, Pocket FM’s total funding tally now stands at an impressive $196.5 million. The company intends to leverage this financial backing to bolster its presence in the United States while embarking on an ambitious expansion strategy targeting European and Latin American markets throughout the current year.
Founded in 2018 by Rohan Nayak, Nishant S, and Prateek Dixit, Pocket FM has swiftly emerged as a leading platform offering a diverse array of podcasts and other content in languages such as Hindi, Tamil, Bengali, and various regional dialects. Garnering considerable traction, the company boasts a robust annual recurring revenue (ARR) surpassing $150 million and is experiencing a remarkable quarter-on-quarter growth rate of 57%.
“Our focus remains on tapping into unique and exclusive stories to solidify our leadership in this emerging category and create a strong IP playbook,” remarked Rohan Nayak, CEO, and Co-Founder of Pocket FM.
Notably, Pocket FM made its foray into the US market in the fourth quarter of 2022, achieving significant milestones as its revenue in this market soared beyond $100 million ARR.
“What sets Pocket FM apart is its vision to set up a sustainable and profitable business, backed by its unique pricing strategy,” emphasized Harsha Kumar, Partner at Lightspeed.
This latest funding round follows Pocket FM’s successful Series C round, where it raised $65 million led by Goodwater Capital, Naver, and existing investor Tanglin Venture Partners in March 2022.
In a strategic move earlier this year, Pocket FM expanded its offerings with the launch of Pocket Novel, an online reading platform facilitating connections between Indian writers and readers. The platform aims to provide visibility and earning opportunities for writers while streamlining distribution across various formats and categories. During its beta phase, Pocket Novel has amassed a community of 1.5 lakh writers, with top-performing authors earning upwards of $2,500 monthly.
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