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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 revenue soars to Rs 1,000 Cr in FY24 boosted by US expansion, subscription growth

YourStoryYourStory · 10m ago
Pocket FM revenue soars to Rs 1,000 Cr in FY24 boosted by US expansion, subscription growth
Medial

Pocket FM, the audio series platform, reported a 496% increase in global revenue to INR 1,051.97 crore in FY24. The growth was fueled by its microtransaction-led subscription model and expansion into international markets. Subscription revenue grew nearly six-fold, reaching INR 934.73 crore. The company also witnessed a 7X increase in advertising revenue, driven by increased user engagement on the platform. Global markets, particularly North America, played a significant role in the revenue growth. Pocket FM utilizes an AI-powered blockbuster engine to curate stories with mass appeal and has collaborated with over 250,000 writers to adapt stories for diverse audiences. The focus on operational efficiency and innovative monetization strategies has brought the company closer to profitability.

Pocket Entertainment elevates Umesh Bude to CTO

EntrackrEntrackr · 3m ago
Pocket Entertainment elevates Umesh Bude to CTO
Medial

Pocket Entertainment elevates Umesh Bude to CTO Pocket Entertainment, the parent company of Pocket FM, Pocket Toons, and Pocket Novel, has elevated Umesh Bude to Chief Technology Officer (CTO). Previously Senior Vice President of Engineering, Umesh will now lead the company’s technology strategy, focusing on developing the future of AI-powered storytelling across its platforms. As CTO, Umesh will oversee the end-to-end tech stack at Pocket Entertainment and spearhead innovations to scale its products globally. His responsibilities will include designing scalable systems, advancing generative AI capabilities, and delivering technology-led innovations to empower both creators and consumers. “It’s a privilege to take on this role at a time when technology and creativity are deeply intertwined at Pocket Entertainment. I look forward to driving the next wave of innovation, where technology and AI are not just enablers, but storytellers in their own right,” said Bude on his promotion. Umesh will continue to report to Prateek Dixit as the company aims to consolidate its position at the intersection of entertainment and technology. Earlier this year, Pocket Entertainment launched Pocket Toons, an AI-first comics (webcomics) platform that uses AI to transform storytelling and content creation. In March 2024, Pocket FM secured $103 million in its Series D funding round, led by Lightspeed and joined by Stepstone Group. The company has raised $196.5 million in total funding and was valued at $750 million in its last equity round. Pocket FM’s global revenue spiked to Rs 1,051.97 crore in FY24 from Rs 176.36 crore in FY23. The Bengaluru-based company also improved its economics as its losses narrowed by 21% to Rs 165 crore in FY24.

Pocket FM seeks Rs 85.7 Cr in damages from KuKu FM; rival calls charges motivated

EntrackrEntrackr · 2m ago
Pocket FM seeks Rs 85.7 Cr in damages from KuKu FM; rival calls charges motivated
Medial

The ongoing legal dispute between audio platforms Pocket FM and Kuku FM reached the Delhi High Court on Thursday, with both sides presenting detailed arguments over alleged copyright and trademark violations. Pocket FM has sued Mebigo Labs, which runs Kuku FM, for allegedly copying five of its audio series and is seeking Rs 85.7 crore in damages along with a permanent injunction on the use of its content formats, titles, and artwork. During the virtual hearing, both sides presented their arguments in detail. Pocket FM alleged that Kuku FM has been copying its content for over four years, including shows, thumbnails, episode formats, and overall presentation, to mislead users and draw away its audience. It also pointed to past legal actions that led to content takedowns or temporary relief. In response, Kuku FM denied the broad allegations and told the court that the five disputed series involve significant research and analysis. The company asked for at least two weeks to file a detailed reply. Kuku FM also alleged that Pocket FM’s repeated legal actions are motivated and are timed to disrupt investor and public confidence, especially as the company is preparing for a potential IPO. The court took this into account but focused on the current copyright claims. Acknowledging the complexity of the dispute, the court directed Kuku FM to submit its written response within two weeks. The court also asked the company to provide a Chartered Accountant (CA) certificate detailing the revenue earned from the five allegedly infringing series since their prospective launch dates. Until further notice, Kuku FM has also been restrained from releasing any new episodes of the said shows. The next hearing is scheduled for August 29. The court said that both parties had presented a “balanced approach” in their arguments and decided not to issue any immediate directions on takedowns or relief, allowing the legal process to progress further. This isn’t the first legal clash between the two companies. Since 2022, they’ve filed multiple cases against each other. One was settled in December 2022, after Pocket FM accused KuKu FM of publishing audio summaries of books it held exclusive rights to. More recently, on May 30 this year, the Delhi High Court issued an injunction against KuKu FM in another case filed by Pocket FM, which alleged that KuKu FM had copied its original content, including a voiceover urging listeners to “aage ki kahani ke liye, log in kariye Pocket FM par,” directly mimicking Pocket FM’s format.

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