Pocket FM raises $22.4 million in Series B funding round

CHENNAI: Audio OTT platform Pocket FM has raised $22.4 million in a Series B funding round led by Lightspeed and with participation of investors including Tanglin Venture Partners and TVentures (VC arm of the Times Group).
The capital will be utilised to scale up operations, build the largest community of content creators, intensify its presence across geographies, invest in technology for better recommendations and strengthen the overall audio OTT category globally, Pocket FM said.
Founded in 2018, Pocket FM has registered over 40 million downloads, three billion monthly listening minutes, and more than 110 minutes being spent by users daily on the app. The company intends to surpass 100 million users in the next six months.
“Audio storytelling has now become a mainstream content format for entertainment and our mission is to build Pocket FM as a global entertainment service provider. We are grateful to our investors for their continued faith and support in our vision and are very optimistic about the future," Rohan Nayak, co-founder and CEO, Pocket FM, said.
Prior to this round, Pocket FM raised $ 650,000 in seed funding round and $ 5.6 million in a Series A funding round.