Pocket FM Raises $65M in Series C Funding Round
Pocket FM, an OTT audio platform, raised $65 million in a Series C funding round from a group of investors. The funding was led by Goodwater Capital, Naver and an existing investor – Tanglin Venture Partners. The freshly raised capital will be invested in strengthening its leadership position, expanding into new languages, investing in AI capabilities and building the largest community of audio creators.
Pocket FM offers over 100,000 hours of enriching long-form content, audio series, stories, novels, podcasts and knowledge shows in 8 languages (Hindi, Tamil, Telugu, Malayalam, Bengali, English, Kannada and Marathi). It has over 50 million users and over 3 billion monthly listening minutes.
Commenting on the funding, Rohan Nayak, Co-Founder and CEO of Pocket FM said, “We are delighted to announce our Series C funding and would like to thank Goodwater Capital, Naver and Tanglin Venture Partners for their confidence in us. This is a validation of our market leadership and confidence in our abilities to execute. Audio consumption has grown exponentially over the past year, and we’re on a mission to build the largest OTT audio platform.
Speaking on his perspective, Nishanth KS, Co-Founder and COO, Pocket FM said, “In addition to audio entertainment, we have seen a 12x growth in the consumption of self-help books, audio courses. Users are looking for high-quality knowledge content to improve themselves. With this investment, we seek to further grow our community of creators, be the largest audio destination for entertainment and knowledge, and target 5 million paying users over the next 12 months.
Sharing the details, Scott Shiao, Chief Investment Officer at Goodwater Capital, said, “Pocket FM empowers audio creators around the world to create the best long-form audio content, from writing to dubbing, while giving consumers a channel to find and discover this content. We look forward to helping Pocket FM continue to develop its platform.
Speaking on the funding, YongJung (YJ) Park, Chief Investment Officer of NAVER Corporation, said, “Pocket FM has demonstrated incredible growth since its launch and has incredible momentum, quickly becoming a leader in the platform space. -OTT audio form. platform, Pocket FM is poised to lead this wave of growth in the OTT audio space and power the next generation of entertainment experiences. We are excited to partner with them in the entertainment and content market as they build a robust audio ecosystem for audiences and creators, and to support the company in its next chapter of growth.”
Pocket FM is constantly working on introducing a new set of shows and content to entertain its listeners. Today, the platform boasts a thriving creator community of over 50,000 PUGC writers and voice artists. Prior to this round, Pocket FM had raised $28.6 million in previous rounds, from high-profile investors including Lightspeed, Tencent, Times Group and Tanglin Venture Partners.
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