Pocket FM Eyes Unicorn Tag With Fresh Infusion From ADIA

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SUMMARY

The audio entertainment startup is currently in discussions with the Abu Dhabi Investment Authority (ADIA) for its upcoming funding round

In the proposed ADIA-led round, there are plans for a secondary sale of shares by existing investors, potentially amounting to up to $100 Mn

These latest funding discussions follow Pocket FM’s announcement on Wednesday, disclosing an equity funding round of $103 Mn

Audio entertainment platform Pocket FM, which recently raised $103 Mn (INR 857 Cr) in its Series D funding round from Lightspeed and Stepstone Group, is in discussions for a fresh fundraise which will likely propel it to unicorn league.

The startup has approached Abu Dhabi Investment Authority (ADIA) for its upcoming funding round, which is expected to value it at around $1.2 Bn, ET reported.

In the proposed ADIA-led round, there are plans for a secondary sale of shares by existing investors, potentially amounting to up to $100 Mn.

“The talks are still ongoing, but it should close at around $1.2 Bn valuations … There are few assets growing at a good pace at $150 Mn of annual recurring revenue. Their (Pocket FM’s) cost of production is low in India and they generate 70% of their revenues from overseas,” the report said, citing a source close to the matter.

This comes at a time when Pocket FM is looking to strengthen its presence in the US as well as to expand to Europe and Latin America markets, apart from strengthening its content library and creating a strong IP playbook for writers.

Founded in 2018 by Rohan Nayak, Nishanth KS and Prateek Dixit, Pocket FM is an audio series platform offering content across multiple languages and genres such as romance, self-help, and motivation.

It claims to have over 1 Lakh hours of content, including more than 2,000 exclusive audio series and 4 Lakh episodes across genres and languages in its platform. The startup said that it has surpassed $150 Mn ARR, and is growing at 57% QoQ. In the US market, its revenue has surpassed $100 Mn ARR.

In FY23, Pocket FM’s India arm posted a 56% year-on-year (YoY) narrowed loss of INR 75.7 Cr and a 663% YoY surge in operating revenue to INR 129.7 Cr.





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Pocket FM Eyes Unicorn Tag With Fresh Infusion From ADIA


SUMMARY

The audio entertainment startup is currently in discussions with the Abu Dhabi Investment Authority (ADIA) for its upcoming funding round

In the proposed ADIA-led round, there are plans for a secondary sale of shares by existing investors, potentially amounting to up to $100 Mn

These latest funding discussions follow Pocket FM’s announcement on Wednesday, disclosing an equity funding round of $103 Mn

Audio entertainment platform Pocket FM, which recently raised $103 Mn (INR 857 Cr) in its Series D funding round from Lightspeed and Stepstone Group, is in discussions for a fresh fundraise which will likely propel it to unicorn league.

The startup has approached Abu Dhabi Investment Authority (ADIA) for its upcoming funding round, which is expected to value it at around $1.2 Bn, ET reported.

In the proposed ADIA-led round, there are plans for a secondary sale of shares by existing investors, potentially amounting to up to $100 Mn.

“The talks are still ongoing, but it should close at around $1.2 Bn valuations … There are few assets growing at a good pace at $150 Mn of annual recurring revenue. Their (Pocket FM’s) cost of production is low in India and they generate 70% of their revenues from overseas,” the report said, citing a source close to the matter.

This comes at a time when Pocket FM is looking to strengthen its presence in the US as well as to expand to Europe and Latin America markets, apart from strengthening its content library and creating a strong IP playbook for writers.

Founded in 2018 by Rohan Nayak, Nishanth KS and Prateek Dixit, Pocket FM is an audio series platform offering content across multiple languages and genres such as romance, self-help, and motivation.

It claims to have over 1 Lakh hours of content, including more than 2,000 exclusive audio series and 4 Lakh episodes across genres and languages in its platform. The startup said that it has surpassed $150 Mn ARR, and is growing at 57% QoQ. In the US market, its revenue has surpassed $100 Mn ARR.

In FY23, Pocket FM’s India arm posted a 56% year-on-year (YoY) narrowed loss of INR 75.7 Cr and a 663% YoY surge in operating revenue to INR 129.7 Cr.





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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