Pocket FM’s FY24 revenue rises two-fold, net loss narrows to Rs 15.7 Cr
The audio series startup saw a 101% increase in its revenue from operations to Rs 260.85 crore, compared to Rs 129.75 crore in the previous year.
Bengaluru-based audio series startup Pocket FM on Tuesday reported a two-fold rise in FY24 revenue, helped by an increase in revenue from services rendered to its US-based holding company.
The company reported a standalone FY24 revenue of Rs 260.85 crore, compared with Rs 129.75 crore in the previous year. Additionally, revenue from services provided to its US entity jumped 278.4% to Rs 131.68 crore during the period.
At the same time, Pocket FM also managed to cut down its net loss for the period by 77.5% to Rs 15.7 crore, compared with Rs 68.71 crore in FY23.
However, the company reported a 39% rise in total expenses during the period, bogged down by a surge in employee benefit expenses. These expenses include costs incurred for benefits provided to employees such as salaries, wages, and bonuses.
Pocket FM’s employee benefit expenses for FY24 stood at a whopping Rs 111.91 crore compared with Rs 64.28 in FY23.
The company had announced two rounds of layoffs this year, once in July when it let go 200 writers in the US and another in October, when it fired 50 employees globally, according to multiple reports.
Founded in 2018 by Rohan Nayak, Prateek Dixit, and Nishanth K S, Pocket FM offers podcasts and other content in Hindi, Tamil, Bengali, and other regional languages.
The company last raised $103 million in a Series D funding round, doubling its valuation to about $750 million from $390 million. The fundraise was led by Lightspeed Ventures.
The company had disclosed plans to strengthen its presence in the US as well as to expand into Europe and Latin American markets with the newly raised funds.
Edited by Jyoti Narayan