Pocket FM Raises $103 Million in Series D Round
(Within 99 Words): Audio series platform Pocket FM secures $103 million in its Series D round led by Lightspeed, with participation from Stepstone Group. The funding will fuel its expansion into the US, Europe, and LATAM markets. Pocket FM offers long-form audio content and plans to continue building exclusive content libraries. With over 100,000 hours of content and 10 million registered users in the US, the company reported significant revenue growth and a reduction in losses. Its Indian entity saw an 8.7X surge in revenue in FY23. Pocket FM's competitor, Kuku FM, raised $25 million in its Series C round.
Key Points:
- Pocket FM raises $103 million in Series D round led by Lightspeed.
- Funding to support expansion into US, Europe, and LATAM markets.
- Platform offers long-form audio content and plans to create exclusive content libraries.
- Company reports over 100,000 hours of content and 10 million registered users in the US.
- Revenue surpasses $150 million ARR, growing at 57% QoQ.
- Indian entity sees 8.7X surge in revenue in FY23.
- Competitor Kuku FM raises $25 million in Series C round.
- Pocket FM's US revenue crosses $100 million ARR in 2023.
- Losses reduced by 73.5% in FY23.
- Pocket FM's revenue from operations rises to Rs 41.2 crore in FY23.