Pocket FM secures $65 Mn in Goodwater Capital led Series C funding
Audio OTT platform Pocket FM has announced that it has secured $65 million in a Series C funding round. The round was led by Goodwater Capital, Naver and existing investor Tanglin Venture Partners.
Founded in 2018, the company claims to have over 50 million users and registered over 3 billion monthly listening minutes. It offers 1,00,000 hours of long-format content, audio series, stories, novels, podcasts, and knowledge shows in 8 Indian languages -- Hindi, Tamil, Telugu, Malayalam, Bangla, English, Kannada, and Marathi.
"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," said Goodwater Capital’s director for investment, Scott Shiao.
As per the company, the funding will be invested in strengthening its leadership position, expanding into new languages, investing in AI capabilities and building the largest audio creator community, the company said in a statement.
"With this investment, we are looking to grow our creator community further, be the biggest audio destination for entertainment and knowledge, and target 5 million paying users in the next 12 months," Pocket FM co-founder and COO Nishanth KS said.
Pocket FM had earlier raised USD 28.6 million in previous rounds from existing marquee investors like Lightspeed, Tencent, Times Group and Tanglin Venture Partners.
"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. We're excited to partner with them in the entertainment and content market as they build a robust audio ecosystem for audiences and creators alike, and to support the company in its next chapter of growth," Naver Corporation investment’s Director YongJung Park said.