The company also plans to invest $40 million into its writing platform, Pocket Novel, which also uses a coin-based system to unlock content. Pocket FM has over 100,000+ hours of content and over 400,000 episodes across various genres and languages, with the U.S. and India being its biggest markets. The company is also exploring AI-based features to convert writings into audiobooks and help creators write their stories faster. Future plans include further expansion and potential talks with Abu Dhabi’s sovereign wealth fund ADIA for a mega funding round.
Key takeaways:
- Pocket FM, an India-based audio platform, has raised $103 million in a Series D funding round led by Lightspeed Ventures, bringing its total funding to $196 million and its valuation to $750 million.
- The company operates on a pay-as-you-go model, where users can listen to some content for free and unlock additional content by purchasing coins. This model is also used in their writing platform, Pocket Novel.
- Pocket FM has over 100,000+ hours of content and over 400,000 episodes across various genres and languages. It has seen significant revenue growth, particularly from its expansion into the U.S. market, crossing $150 million ARR this year.
- The company is exploring AI-based features, such as a tool for writers to convert their writings into audiobooks, and is planning to expand its team globally by adding 500 personnel.