Global audio streaming platform Pocket FM recently said it has raised $103 million in its Series D funding led by Lightspeed with participation from StepStone Group.
The new funding will strengthen the company’s push into the US market and also support global expansion as the company plans to expand into Europe and LATAM markets in 2024, it said in a statement.
The company’s valuation has nearly doubled in the latest fundraise, to about $750 million from $390 million when it previously raised $65 million in its Series C round in March 2022.The company entered the US market in the fourth quarter of the calendar year 2022 and has approximately 10 million registered users.
Pocket FM will continue to strengthen its content library and create a strong IP playbook by providing the writer community with a stage to share their unique and unheard stories.
“Our focus remains on tapping into unique and exclusive stories to solidify our leadership in this emerging category and create a strong IP playbook. This latest funding validates our vision and the possibilities we bring to disrupt the industry,” said Rohan Nayak, CEO and Co-Founder of Pocket FM.
“What sets Pocket FM apart is its vision to set up a sustainable and profitable business backed by its unique pricing strategy.They are democratizing the entire entertainment landscape with tech driven approach ;said Harsha Kumar, partner at Lighspeed.
The companys’s Indian arm has posted 7.5x growth in revenue from operations to Rs 131 crore in the financial year through March 2023, while the net loss came down to 56% i.e. Rs.76 crore.
The company further plans to leverage Generative AI to scale up its entertainment content offerings and build AI powered personalized recommendations that will enhance overall user experiences.
Among other plans the company will strengthen its exclusive content library and create a strong IP playbook. This will be executed by providing the writer community with a stage, where their unique stories can be aired.
