Audio streaming startup Pocket FM has raised Series C funding of Rs 491 crore ($65 million) led by the US-based venture capital fund Goodwater Capital and South Korean internet conglomerate Naver Corporation & an existing investor Tanglin Venture Partners.
The startup said that the fresh infusion will be used to expand into new languages, invest in artificial intelligence capabilities and build the largest audio creator community.
Founded by Nishanth K S, Prateek Dixit and Rohan Nayak, Pocket FM is an online audio platform that offers over 100,000+ hours of Audiobooks and Podcasts across 3 Indian languages viz Hindi, Tamil and Bengali.
“We are elated to announce our Series C funding and would like to thank Goodwater Capital, Naver, and Tanglin Venture Partners for their trust in us. This is a validation of our market leadership and trust in our execution capabilities. Audio consumption has seen exponential growth over the last year, and we are on a mission to build the largest audio OTT platform,” Rohan Nayak, cofounder and CEO, Pocket FM said.
Pocket FM users can enjoy rich and vast collection of stories for Free or by subscribing to premium service that offers unique features like Ads free listening, High quality immersive story listening experience and an access to premium catalog of audiobooks and podcasts.
“Pocket FM has demonstrated unbelievable growth since its launch and has amazing momentum, quickly becoming a leader in the space of audio OTT platform. With its creator-first platform, Pocket FM is poised to lead this wave of growth in the audio OTT space and fuel the next generation of entertainment experiences, “said YongJung (YJ) Park, Investment Director at Naver Corporation.
Scott Shiao, Director, Investment at Goodwater Capital said, “Pocket FM empowers audio creators around the world in crafting the best long-form audio content, from writing to voice acting, while also providing a channel for consumers to find and discover that content. We look forward to helping Pocket FM to continue to grow its platform.”
Audio streaming startup Pocket FM is a growing community of 20Million+ users and 500k+ creators.