Audio series platform Pocket FM has secured $103 million in its Series D funding round, led by Lightspeed and with participation from Stepstone Group.
According to a press release, the new funding will bolster Pocket FM’s expansion efforts in the US market and support its global expansion plans into Europe and LATAM markets this year.
Pocket FM specializes in hosting long-form audio content, including audio shows, stories, and novels. The company plans to continue building exclusive content libraries by providing a platform for the writer community.
This latest funding round brings Pocket FM’s total funding to $196.5 million. Entrackr had previously reported about Pocket FM’s fundraising initiative in October of last year.
Based in Bengaluru, Pocket FM boasts over 100,000 hours of content, featuring more than 2,000 exclusive audio series and over 400,000 episodes spanning various genres and languages.
The company also announced that it has surpassed $150 million (Rs 1,250 crore) in Annual Recurring Revenue (ARR) and is experiencing a 57% quarter-on-quarter growth. In 2023, it recorded over 20 million transactions and disclosed that its US revenue exceeded $100 million in Average Revenue Run Rate (ARR) during the previous calendar year.
According to the press release, US audiences exhibit the highest engagement levels on the platform globally, spending over 135 minutes daily. The platform has garnered approximately 10 million registered users in the US.
Pocket FM’s Indian entity reported an 8.7X increase in revenue, reaching Rs 148.7 crore in FY23 from Rs 17 crore in FY22, as per data from the startup intelligence platform TheKredible. Additionally, the company managed to reduce its losses by 73.5%, down to Rs 45.47 crore in FY23 from Rs 171.6 crore in FY22.
Pocket FM’s direct competitor, Kuku FM, raised $25 million in its Series C round in September of last year. The company saw its revenue from operations rise to Rs 41.2 crore during FY23 from Rs 4.4 crore in FY22.
