New Delhi, March 20
Global audio streaming platform Pocket FM on Wednesday 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 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.
Pocket FM has built the largest repository of exclusive audio series, with over 100,000 hours of content, including more than 2,000 exclusive audio series and more than 400,000 episodes across genres and languages.
The company has surpassed a $150 million annual run rate (ARR) and is growing at 57 per cent QoQ.
"It emerges as a great reference for the entertainment landscape, with its capability to demonstrate strong unit economics. They are not just building a new category but democratizing the entertainment landscape with a tech-driven approach," said Harsha Kumar, Partner at Lightspeed.
The platform clocked over 20 million transactions in 2023 and witnessed over 75 billion minutes of streaming worldwide last year.