Audio OTT app, Pocket FM has raised capital worth $22.4 million Series B funding from Lightspeed, along with the participation of Times Group and Tanglin Venture Partners.
Prior to this round, Pocket FM had raised $650k in seed funding round and $5.6 million in Series A funding round. The new funding will be used to scale up the company operations, build a community of content creators, intensify Pocket FM’s presence across geographies, and invest in technology for better recommendations.
Founded in 2018, Pocket FM is an audio OTT company that offers more than 100,000 hours of long-format content. Within three years, the company claims to have registered over 40 million downloads, 3 billion monthly listening minutes, and more than 110 minutes have been spent by users daily on the app. The company aims to surpass 100 million users in the next six months.
Commenting on the fundraise, Rohan Nayak, Co-founder and CEO, Pocket FM said, “We are building a robust ecosystem for Audio OTT with Pocket FM and its largest community of content creators. We are at a juncture where both Pocket FM and the overall audio OTT space are witnessing exponential growth. 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.”
Harsha Kumar, Partner at Lightspeed, said, “We are excited to back the Pocket FM team as they scale up 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.”
Today, the platform works with a community of over 17,000 professional user generated content writers and voice artists. Pocket FM’s audio content is available in eight languages including Hindi, Tamil, Telugu, Malayalam, Bangla, English, Kannada, and Marathi. The Hindu BusinessLine