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Pocket FM raises $103 Mn in Series D round

EntrackrEntrackr · 1y ago
Pocket FM raises $103 Mn in Series D round
Medial

Audio series platform Pocket FM has scooped up $103 million in its Series D round led by Lightspeed, and with participation from Stepstone Group. The new funding will strengthen Pocket FM’s push into the US market and also support global expansion as the company plans to expand into Europe and LATAM markets this year, the firm said in a press release. Pocket FM facilitates long-form audio content including audio shows, stories, and novels. The company will keep creating exclusive content libraries by providing a platform to the writer community. This latest round brings Pocket FM’s total funding to date to $196.5 million. Entrackr had exclusively reported about Pocket FM’s new fundraise in October last year. The Bengaluru-based company claims to have over 100,000 hours of content, including more than 2,000 exclusive audio series and more than 400,000 episodes across genres and languages. The company also said that it has surpassed $150 million (Rs 1,250 crore) ARR, and is growing at 57% QoQ. In 2023, it clocked over 20 million transactions and claimed that its US revenue crossed $100 million in average revenue run rate (ARR) during the last calendar year. “US audiences are the most engaged on the platform globally, spending over 135 minutes daily. The platform has approximately 10 million registered users in the US,” the firm added in the press release. The Indian entity of Pocket’s FM reported an 8.7X surge in its revenue to Rs 148.7 crore in FY23 from Rs 17 crore in FY22, according to startup data intelligence platform TheKredible. The firm also managed to contract its losses by 73.5% to Rs 45.47 crore in FY23 from Rs 171.6 crore in FY22. Its direct competitor Kuku FM raised $25 million in its Series C round in September last year. The company’s revenue from operations rose to Rs 41.2 crore during FY23 from Rs 4.4 crore in FY22.

Pocket FM completes its first ESOP buyback worth $8.3 Mn

EntrackrEntrackr · 1y ago
Pocket FM completes its first ESOP buyback worth $8.3 Mn
Medial

Audio series platform Pocket FM announced that the company has completed its first ESOP buyback worth $8.3 million. The buyback of stock comes soon after $103 million Series D funding announced by the Bengaluru-based company. Former and existing employees, holding vested stocks in the company, participated in this process, the company said in a press release. The company was valued at $750 million during the latest fundraise and has been growing at a high speed. According to PocketFM, it surpassed $150 million (Rs 1,250 crore) ARR, and is growing at 57% QoQ. In 2023, it processed over 20 million transactions and claimed that its US revenue crossed $100 million in average revenue run rate (ARR) during the last calendar year. The buyback has come at a time when Pocket FM is reportedly in late-stage conversation to raise a new round which would catapult it to the unicorn club. Pocket FM is the fourth growth stage company that has announced stock buyback in 2024. Recently, e-commerce company Meesho rolled out its largest ESOP buyback worth $25 million for 1,700 employees (past and current). Community management app MyGate and edtech company Classplus also announced their employee stock buyback program earlier this year. As per data compiled by TheKredible, the total EOSP buyback/payout/liquidity stood at nearly $802 million in 2023. In 2021 and 2022, the buyback amount was recorded at $440 and $200 million respectively. Pocket FM claims 2,000 exclusive audio series and more than 400,000 episodes across genres and languages. While the company’s real financial picture could be decoded when it discloses full-fledged FY24 results, Pocket FM’s revenue zoomed 8X to Rs 148.7 crore in the fiscal year ending March 2023. The firm also improved unit economics and reduced its losses by about three-fourths in the last fiscal year.

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