1 April 2024 – Following its recent $103 million Series D funding round, Pocket FM, the audio series platform, has executed its inaugural Employee Stock Ownership Plan (ESOP) buyback, amounting to $8.3 million. Former and current employees with vested stocks participated in this buyback process.
Pocket FM’s ESOP buyback initiative comes on the heels of its successful Series D funding, indicating the company’s commitment to rewarding its employees amid significant growth. The Bengaluru-based firm achieved a valuation of $750 million during its latest funding round and has demonstrated remarkable performance metrics. With an Annual Recurring Revenue (ARR) surpassing $150 million (Rs 1,250 crore) and a robust quarter-on-quarter growth rate of 57%, Pocket FM has solidified its position in the audio series market. Despite facing challenges in 2023, including a decrease in advertiser interest and content moderation issues, the company has remained resilient. Now, discussions are underway for Pocket FM to join the prestigious unicorn club, highlighting investor confidence in its future prospects.
