Homegrown audio OTT platform Pocket FM raises $65 mn

Homegrown audio OTT platform Pocket FM on Thursday said it has raised $65 million to expand into new languages and help creators monetise on the platform.

With over 50 million users and more than 3 billion monthly listening minutes, Pocket FM offers more than 100,000 hours of long-format content, audio series, stories, novels, podcasts, and knowledge shows in eight Indian languages.

"Audio consumption has seen exponential growth over the last year, and we are on a mission to build the largest audio OTT platform," said Rohan Nayak, Co-founder and CEO, Pocket FM.

The Series C funding round was led by Goodwater Capital, Naver, and existing investor, Tanglin Venture Partners.

The platform will use the capital in strengthening its leadership position, investing in AI capabilities and building the largest audio creator community.

Founded in 2018, the platform has a creator community of more than 50,000 PUGC writers and voice artists.

It is now targeting 5 million paying users in the next 12 months.

"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," said Scott Shiao, Director, Investment at Goodwater Capital.

Pocket FM earlier raised $28.6 million from existing marquee investors like Lightspeed, Tencent, Times Group, and Tanglin Venture Partners.