Pocket FM, an audio entertainment platform, has successfully raised $103 million (INR 857 crore) in its Series D funding round. The funding was led by Lightspeed, with Stepstone Group also participating.
Expanding Horizons
The startup intends to utilize the newly acquired funds to strengthen its presence in the United States, as well as to venture into the European and LATAM markets. Additionally, it plans to enhance its content library and develop a robust IP playbook for writers.
Following this funding round, Pocket FM's valuation has surged by approximately 2X to reach $750 million.
Focusing on Content
Rohan Nayak, the co-founder and CEO of Pocket FM, expressed excitement about the future, stating, "Our robust content library of audio series and a strong consumption behavior on the platform is shaping the future of entertainment." He emphasized the company's commitment to providing unique and exclusive stories to solidify its leadership in the emerging category.
Continued Growth
With this latest funding, Pocket FM has now raised a total of $196.5 million in funding. The startup, founded in 2018 by Nayak, Nishanth KS, and Prateek Dixit, offers audiobooks across multiple languages and genres, including romance, self-help, and motivation.
AI-led Innovations
Pocket FM has adopted an AI-led strategy for automation, content curation, production, and distribution. The company is leveraging GenAI to scale its entertainment content offerings and provide AI-powered personalized recommendations to enhance the overall user experience.
Expanding Offerings
Recently, the startup launched Pocket Novel, an online novel reading platform, to expand its offerings to other entertainment segments and formats.
In FY23, Pocket FM's India arm reported a 56% year-on-year (YoY) decrease in losses, reaching INR 75.7 crore, and a 663% YoY increase in operating revenue, reaching INR 129.7 crore.
