Audio OTT app Pocket FM raises $22.4mn funding in round led by Lightspeed

Company registered over 40 million downloads and 3 billion monthly listening minutes since its launch in 2018

Pocket FM, an audio OTT app, has raised $22.4 million in a funding round led by Lightspeed and joined by a clutch of investors that included Tanglin Venture Partners.

The company said it would use the Series B funding to scale up operations, build a community of content creators, and improve technology.

“We are at a juncture where both Pocket FM and the overall audio OTT space are witnessing exponential growth. 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,” said Rohan Nayak, co-founder and chief executive officer of Pocket FM.

Pocket FM, which was founded in 2018, said it is among India’s top over-the-top players in India, offering over 100,000 hours of long-format content. It has registered over 40 million downloads and 3 billion monthly listening minutes since its launch.

“We are excited to back the Pocket FM team as they scale up to build the future of audio content & are looking forward to the next phase of this incredible journey. The team has constantly innovated ahead of the curve, with multiple language offerings for their short & long form audio content and in becoming the go-to destination for audio content creators," said Harsha Kumar, Partner at Lightspeed.

Sankalp Gupta, Partner, Tanglin Venture Partners, said, “The company’s stellar growth trajectory, user engagement, and retention are a testament of the consumer’s love for Pocket FM’s product.”