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Pocket FM surpasses 100 million downloads on Google Play Store

Economic Times

Economic Times · 1y ago

Pocket FM surpasses 100 million downloads on Google Play Store

Pocket FM, the audio content platform, has achieved over 100 million downloads on the Google Play Store. Since its inception in 2018, Pocket FM has expanded its content to cover various genres and languages, serving diverse interests and age groups. It has raised $94 million (750 cr) till date and claims to have crossed $25 million ARR.

Related News

Pocket FM set to raise $80-100 Mn in new funding

Entrackr

Entrackr · 1y ago

Pocket FM set to raise $80-100 Mn in new funding

Pocket FM, an audio series platform, is reportedly in talks to raise $80-100 million in a new funding round. The Bengaluru-based company has seen rapid growth, with its Android and iOS apps accumulating around 33 million downloads in 2023. Lightspeed growth fund is said to be co-leading the funding round, along with other investors, and existing backers such as Tanglin, Goodwater, and Naver are expected to contribute as well. Pocket FM plans to use the funds for growth in global markets and expand its presence in more countries.

Google vs Indian startups row: its global implications

Livemint

Livemint · 1y ago

Google vs Indian startups row: its global implications

Google has suspended over 10 Indian apps with more than 100 million downloads due to non-payment of its Play Store service fee, which ranges from 11% to 30%. This could have a significant impact on the revenue of these startups, as the Play Store is their primary source of discovery and earnings. The startups argue that this fee amounts to market abuse, while Google claims it is not illegal and that the policy has always been clear. The resolution to this dispute is expected to come through the competition commission and the Supreme Court in India. The outcome could have implications for how anti-competition allegations are handled globally.

Chingari fires up to 50% of workforce in second job cut round in two months

Economic Times

Economic Times · 1y ago

Chingari fires up to 50% of workforce in second job cut round in two months

Chingari, an Indian short-video platform, has reportedly laid off around 50% of its workforce due to funding challenges. The cuts impacted employees in various teams, and some remaining employees were asked to take pay cuts of up to 50%. The platform has been facing difficulties in raising funds and has been undergoing organizational restructuring. Chingari recently reached 100 million downloads on the Google Play store and has over 5 million Daily Active Users.

A Jury Will Decide If Google's App Store Is an Unjust Monopoly

Wired · 1y ago

A Jury Will Decide If Google's App Store Is an Unjust Monopoly

Fortnite creator Epic Games' lawsuit against Google over its monopoly on the Google Play Android app store could potentially force significant changes in how Google controls apps if they win the trial, which began this week. Google Play accounts for over 90% of all downloads onto Android phones in the US, according to state prosecutors. Epic's allegations have led to some competition regulators ordering Google to loosen its control over app distribution. The trial's outcome could impact Google's tight grip on app downloads and payments.

PhonePe, Google Pay or BHIM; Which app gained the most due to Paytm fiasco?

Livemint

Livemint · 1y ago

PhonePe, Google Pay or BHIM; Which app gained the most due to Paytm fiasco?

Since the Reserve Bank of India's order for Paytm Payments Bank to stop accepting deposits, there has been a surge in downloads for Paytm's competitors such as PhonePe, Google Pay, and NPCI's BHIM app. PhonePe saw a 45% increase in app downloads, BHIM app experienced a 21.5% increase, and Google Pay witnessed a modest increase. On the other hand, the Paytm app saw a 24% decline in downloads and dropped in ranking on the Google Play store.

Abu Dhabi's ADIA explores investment in India's Pocket FM, sources say

TechCrunch · 1y ago

Abu Dhabi's ADIA explores investment in India's Pocket FM, sources say

Abu Dhabi's sovereign wealth fund, ADIA, is holding talks to back Indian audio-storytelling platform Pocket FM in a new funding round. Pocket FM recently secured around $100 million in funding from Lightspeed Venture Partners. The talks with ADIA have been ongoing for over a month and are currently confidential. Pocket FM has seen rapid revenue growth and aims to reach an annualized revenue run rate of $100 million by the end of 2023. Pocket FM offers a freemium model, allowing users to pay for the content they prefer rather than the entire library.

Audiotech startup Pocket FM raises $100M in funding led by Lightspeed Venture Partners

IndianStartupNews

IndianStartupNews · 1y ago

Audiotech startup Pocket FM raises $100M in funding led by Lightspeed Venture Partners

Audiotech startup Pocket FM has raised $100 million in funding from Lightspeed Venture Partners to expand its audiobook platform in the U.S. market. The company is also in talks with the Abu Dhabi Investment Authority for additional funding to support international expansion. Pocket FM operates on a freemium model and has seen significant growth, with an annualized revenue run rate of $160 million expected by the end of 2023. The startup aims to achieve $100 million in annual revenue globally by 2025.

Pocket FM to invest $40 million to build online novel platform

Thehindubusinessline

Thehindubusinessline · 1y ago

Pocket FM to invest $40 million to build online novel platform

Pocket FM, an audio streaming platform, has launched Pocket Novel and plans to invest $40 million to become India's largest online reading platform. The company aims to have one million writers and a library of two million novels by 2025. Pocket FM plans to generate $100 million in annual revenue worldwide by that time. The online novel reading market in India is currently untapped and is projected to exceed $6.5 billion globally by 2028, making it a lucrative opportunity for the company.

PhonePe's homegrown Indus Appstore to be available on all Xiaomi India handsets

Economic Times

Economic Times · 4m ago

PhonePe's homegrown Indus Appstore to be available on all Xiaomi India handsets

PhonePe's Indus Appstore, a homegrown Android marketplace, has partnered with Xiaomi India to create a localized digital ecosystem for Indian customers. Indus Appstore will be integrated into new Xiaomi smartphones, replacing the GetApps store on existing devices. This initiative supports Indian developers by not charging platform fees and allowing choice in payment gateways. The store, launched last year to rival Google Play and Apple’s App Store, quickly surpassed 100,000 downloads.

Pocket FM Enters Digital Novel Space With $40 Mn For New Arm

Inc42 · 1y ago

Pocket FM Enters Digital Novel Space With $40 Mn For New Arm

Audio OTT platform, Pocket FM, has launched Pocket Novel, an online novel reading platform, with the aim of expanding into other entertainment segments and formats. The startup plans to invest $40 million in this new venture and aims to reach an annual revenue of $100 million by 2025. Pocket Novel already has a community of 150,000 writers and aims to grow that to one million by 2025, along with a library of two million novels. The startup previously secured $16 million in funding and reported a 56% reduction in net loss in FY23.

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