Audio OTT platform Pocket FM has raised USD 65 million (about Rs 492 crore) in its Series C funding round from Goodwater Capital, Naver and existing investor Tanglin Venture Partners.
The capital will be invested in strengthening its leadership position, expanding into new languages, investing in AI capabilities and building the largest audio creator community, the company said in a statement.
“This is a validation of our market leadership and trust in our execution capabilities. Audio consumption has seen exponential growth over the last year, and we are on a mission to build the largest audio OTT platform,” said Rohan Nayak, Co-Founder and CEO at Pocket FM.
Founded in 2018 by Rohan Nayak, Prateek Dixit, and Nishanth KS, Pocket FM offers over 1,00,000 hours of long-format content, audio series, stories, novels, podcasts, and knowledge shows in 8 languages — Hindi, Tamil, Telugu, Malayalam, Bangla, English, Kannada, and Marathi. The company claims to have over 50 million users and registered over 3 billion monthly listening minutes.
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The service is available through an annual subscription priced at Rs 399 per year. It also offers a free ad-supported version with limited content catalogue. In December, the company had said that users spend more than 110 minutes on a daily basis on the app.
“Pocket FM empowers audio creators around the world in crafting the best long-form audio content, from writing to voice acting, while also providing a channel for consumers to find and discover that content. We look forward to helping Pocket FM to continue to grow its platform,” Goodwater Capital, director for investment, Scott Shiao said.
“With its creator-first platform, Pocket FM is poised to lead this wave of growth in the audio OTT space and fuel the next generation of entertainment experiences. We’re excited to partner with them in the entertainment and content market as they build a robust audio ecosystem for audiences and creators alike, and to support the company in its next chapter of growth,” Naver Corporation, investment director, YongJung Park said.
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