Homegrown audio OTT platform Pocket FM on Thursday said it has raised $65 million to expand into new languages and help creators monetise on the platform. Homegrown audio OTT platform Pocket FM on Thursday said it has raised $65 million to expand into new languages and help creators monetise on the platform.
With over 50 million users and more than 3 billion monthly listening minutes, Pocket FM offers more than 100,000 hours of long-format content, audio series, stories, novels, podcasts, and knowledge shows in eight Indian languages.
"Audio consumption has seen exponential growth over the last year, and we are on a mission to build the largest audio OTT platform," said Rohan Nayak, Co-founder and CEO, Pocket FM.
The Series C funding round was led by Goodwater Capital, Naver, and existing investor, Tanglin Venture Partners.
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The platform will use the capital in strengthening its leadership position, investing in AI capabilities and building the largest audio creator community.
Founded in 2018, the platform has a creator community of more than 50,000 PUGC writers and voice artists.
It is now targeting 5 million paying users in the next 12 months.
"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," said Scott Shiao, Director, Investment at Goodwater Capital.
Pocket FM earlier raised $28.6 million from existing marquee investors like Lightspeed, Tencent, Times Group, and Tanglin Venture Partners.
