20 March 2024 — Pocket FM, a leading audio entertainment platform founded in 2018 by Rohan Nayak, Nishanth KS, and Prateek Dixit, has secured $103 million in its Series D funding round from Lightspeed and Stepstone Group. This significant investment marks a pivotal moment for Pocket FM as it gears up for global expansion.
The company plans to utilize the fresh capital to strengthen its presence in the US market and extend its footprint into Europe and LATAM markets. Additionally, Pocket FM aims to enhance its content library and develop a robust IP playbook for content creators, cementing its position as a leader in the audio entertainment space.
With this latest funding round, Pocket FM’s valuation has surged to $750 million, showcasing its rapid growth and investor confidence. This substantial increase in valuation, nearly doubling from previous figures, highlights the company’s potential and market traction.
Rohan Nayak, the CEO of Pocket FM, expressed excitement about the funding and emphasized the platform’s commitment to delivering unique and exclusive content to its users. He mentioned the company’s focus on disrupting the entertainment industry and leveraging its strong content library to drive growth.
Pocket FM boasts over 1 lakh hours of content, including more than 2,000 exclusive audio series and 4 lakh episodes across various genres and languages. The platform has surpassed $150 million in annual recurring revenue (ARR) and is experiencing impressive growth, particularly in the US market.
Overall, Pocket FM’s latest funding round signifies a major milestone in its journey towards global expansion and continued success in the dynamic audio entertainment industry.