Pocket FM, a leading audio series platform, has successfully raised $103 million in its Series D round, with Lightspeed leading the investment and Stepstone Group participating. This substantial funding infusion is earmarked to fuel Pocket FM’s expansion efforts, particularly in the lucrative US market, while facilitating its entry into European and LATAM regions later this year.
The financing will bolster Pocket FM’s capabilities in curating long-form audio content, ranging from captivating audio shows to immersive stories and novels. With a commitment to fostering exclusive content libraries, the platform remains dedicated to empowering the vibrant writer community.
With this latest funding round, Pocket FM’s total investment tally reaches an impressive $196.5 million, underscoring investor confidence in the platform’s growth trajectory and market potential.
Based in Bengaluru, Pocket FM boasts an extensive content repository, surpassing 100,000 hours of diverse content, including over 2,000 exclusive audio series and over 400,000 episodes spanning various genres and languages.
Highlighting its robust performance metrics, Pocket FM revealed that it has exceeded $150 million (Rs 1,250 crore) in Annual Recurring Revenue (ARR), experiencing a remarkable 57% Quarter-over-Quarter (QoQ) growth. Notably, the platform recorded over 20 million transactions in 2023, with its US revenue surpassing $100 million in Average Revenue Run Rate (ARR) for the same period.
Commenting on its traction in the US market, Pocket FM emphasized the remarkable engagement levels, with US audiences spending an average of over 135 minutes daily on the platform. With approximately 10 million registered users in the US alone, Pocket FM is poised for further expansion and innovation in the dynamic audio entertainment landscape.
