Pocket FM, an audio-based over-the-top (OTT) platform, announced on Monday that it has raised $22.4 million in a Series B fundraising round headed by Lightspeed.
Times Group and Tanglin Venture Partners, who were first-time investors in the company, also participated in the Series B round.
The funds will be used to expand the company’s operations, strengthen its network of content creators, and expand its footprint across geographies, according to the company. The profits from the crowdfunding will also be used to invest in technology and improve user suggestions.
Pocket FM, which has been around for three years, allows creators to offer premium audio-based long form content in eight Indian languages, including Hindi, Tamil, Telugu, Malayalam, and Bangla.
“Both Pocket FM and the wider audio OTT industry are experiencing exponential growth at this time.” Our objective is to establish Pocket FM as a global entertainment service provider, with audio storytelling has become a popular content type for entertainment. In a statement, Pocket FM co-founder and chief operating officer (CEO) Rohan Nayak stated, “We are grateful to our investors for their continuous faith and support in our goal.”
Pocket FM claims to have surpassed 40 million downloads, 3 billion monthly listening minutes, and more than 110 minutes spent on its app each day in just three years.
“We’re pleased to support the Pocket FM team as they scale up to create the audio content of the future, and we’re looking forward to the next stage of this fantastic journey.” With different language offerings for its short and long form audio material, the team has consistently innovated ahead of the curve “Harsha Kumar, a partner at Lightspeed, agreed.
Over the following six months, Pocket FM plans to surpass the 100 million user mark.
“Pocket FM is a game-changer in the audio OTT industry in India, with its strategy to democratising audio content development. Consumers adore Pocket FM’s offering, as seen by the company’s exceptional growth trajectory, user engagement, and retention. We are excited to collaborate with the Pocket FM team in order to grow a large and enduring company “Sankalp Gupta, Tanglin Venture Partner partner, remarked
Pocket FM currently collaborates with over 17,000 writers and voice artists.
Pocket FM has previously raised $650,000 in seed capital and another $5.6 million in its Series A funding round. Tencent is one of the company’s many notable investors.
