The audio entertainment platform’s valuation has nearly doubled in the most recent financing led by Lightspeed Ventures.
Pocket FM, an audio entertainment platform, has raised $103 million in Series D fundraising led by Lightspeed Ventures and with participation from Stepstone Group, its largest to date, suggesting that the funding freeze is loosening for firms with a clear route to development. The startup, which is sponsored by Tencent and Times Internet, intends to expand into Europe and Latin America after achieving success in the US market.
TechCrunch has confidentially revealed that the firm has received $196 million in different rounds and is currently valued at $750 million.
The company’s valuation has nearly doubled in the newest funding round, to around $750 million, up from $390 million when it raised $65 million in its Series C round in March 2022.
Lightspeed Ventures led the new round, with Stepstone Group also participating, bringing Pocket FM’s total financing to $196.5 million. Goodwater Capital, Times Internet, Tanglin Venture Partners, Naver, and Tencent are among the other investors in the company.
Pocket FM intends to use the funds to grow its footprint in the United States, as well as to expand into Europe and Latin American markets, in addition to strengthening its content collection and developing a strong intellectual property strategy for its writers.
According to Mint, “Our focus remains on tapping into unique and exclusive stories to solidify our leadership in this emerging category,” Pocket FM‘s co-founder and CEO Rohan Nayak said in a statement.
According to MInt, The company also stated that it has developed an artificial intelligence-led strategy for automation, content curation, production, and distribution, and that it intends to employ generative AI to expand its services and personalize the user experience.
Pocket FM expanded into the United States in 2022 and has already exceeded an annualized revenue run rate of $100 million, accounting for around three-fourths of its total business. According to the firm, it has approximately ten million registered users in the US.
Pocket FM, started in 2018 as an audio series platform, now has 130 million subscribers worldwide and an annualized revenue run rate of more than $150 million, which it claims is rising at a pace of 57% every quarter.
Pocket FM India’s operating sales increased by more than sevenfold to ₹131 crore in FY23, while the company’s deficit decreased by 56% to ₹76 crore, according to recent regulatory filings.
