[Funding Alert] Pocket FM secures $100 Mn From Lightspeed

The negotiations with ADIA are still in the early phases, and the agreement may or may not proceed.The massive fundraising comes after Pocket FM saw a strong response from US markets and scaled up its ARR by 6X–7X YoY to $160 Mn by the end of 2023.

Pocket FM is an audio book platform that was established in 2018 and provides content in various languages and genres, including motivational, self-help, and romance.A massive $100 million (almost INR 829 crore) in funding has reportedly been secured by the audio technology platform Pocket FM from venture capital firm Lightspeed Venture Partners.The startup had raised over $93 million in funding rounds prior to this one. Last year, Silicon Valley Bank loaned it $16 million.

Representatives of Tencent, Tanglin, Conditions Internet, Goodwater Capital, as it is and Naver are among the investors in the startup.

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The massive fund raise comes after reports that Pocket FM will increase its annualized revenue run rate (ARR) by 6X–7X on a year-over-year (YoY) basis, reaching $160 million by the end of 2023.

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The startup recently declared its goal to reach $100 million in annual revenue globally by 2025.The $100 million fundraising has not yet been disclosed, but this huge deal is anticipated to significantly boost India’s startup scene, which has been severely lacking funding for the last two years.

About Pocket FM

The goal of Pocket FM’s creation was to revolutionize the entertainment industry by creating the audio-series category.