Soundwave Success: Pocket FM’s Journey of Innovation and Growth

Pocket FM, an audio entertainment platform, declared on Monday the completion of its inaugural Employee Stock Ownership Plan (ESOP) buyback, amounting to $8.3 million. Numerous past and present employees, who hold vested stocks in the company, actively took part in this endeavor.

This announcement comes in the wake of the company’s recent achievement of securing $103 million in Series D funding, spearheaded by Lightspeed, alongside Stepstone Group’s participation.

The company emphasized that this initiative underscores Pocket FM’s acknowledgment of the remarkable contributions and unwavering dedication demonstrated by its workforce.

Following its most recent funding round, Pocket FM’s valuation nearly doubled to approximately $750 million, marking a significant increase from its previous valuation of $390 million during its Series C funding round in March 2022, where it raised $65 million. With the latest funding round, Pocket FM’s total funding now stands at $196.5 million.

Pocket FM recognized an unexplored niche in the entertainment domain and capitalized on it by prioritizing original and distinctive storytelling across various genres. It played a pioneering role in introducing a new entertainment category in the form of audio series.

Since its establishment in 2018, Pocket FM has been at the forefront of driving serialized audio storytelling and has cemented its position as the foremost player in personalized audio entertainment.

Pocket FM has curated the largest collection of exclusive audio series, boasting over 100,000 hours of content, including 2,000 exclusive audio series and over 400,000 episodes spanning various genres and languages.

The company has surpassed an annual recurring revenue (ARR) of $150 million and is experiencing a quarter-on-quarter (Q-o-Q) growth rate of 57%. In 2023 alone, it has recorded over 20 million transactions.

Pocket FM made its foray into the US market in the fourth quarter of FY22, achieving an ARR exceeding $100 million. The platform’s US audience exhibits the highest engagement globally, spending an average of over 135 minutes daily. Currently, the platform boasts approximately 10 million registered users in the US.