Pocket FM raises $103M in Series D funding round led by Lightspeed

Audio entertainment platform Pocket FM has raised $103 million in a Series D funding round led by Lightspeed. Stepstone Group also participated in the round.

This brings Pocket FM’s total funding till date to $196.5 million.

The company plans to use the funding to fuel its push in the United States and expansion into Europe and Latin American markets this year.

Started in 2018 by Rohan Nayak, along with Nishant S and Prateek Dixit, Pocket FM offers podcasts and other content in Hindi, Tamil, Bengali and other regional languages. The company has surpassed $150 million ARR and is growing at 57% QoQ, it said in a statement.

"Our focus remains on tapping into unique and exclusive stories to solidify our leadership in this emerging category and create a strong IP playbook," said Rohan Nayak, CEO and Co-Founder of Pocket FM.

Pocket FM made its US entry in Q4 of 2022; its revenue in this market has surpassed $100 million ARR, the company said in a statement.

"What sets Pocket FM apart is its vision to set up a sustainable and profitable business, backed by its unique pricing strategy," said Harsha Kumar, Partner at Lightspeed.

The company last raised $65 million in a Series C funding round led by Goodwater Capital, Naver, and existing investor Tanglin Venture Partners in March 2022.

In February this year, Pocket FM launched Pocket Novel, an online reading platform connecting Indian writers and readers. The platform seeks to serve as a gateway for visibility and earning possibilities for writers, besides helping them with distribution across formats and categories.

In its beta phase, the platform has built a community of 1.5 lakh writers, with some top-performing writers making over $2,500 every month, the company said in the statement.