 "Pocket FM")
Audio entertainment platform Pocket FM announced on Monday that it has completed its first Employee Stock Ownership Plan (ESOP) buyback worth $8.3 million. Many former and current employees, holding vested stocks in the company, participated in this process.
This announcement follows the firm's recent raise of $103 million in Series D funding in a round led by Lightspeed, with participation from Stepstone Group.
“Today marks a significant milestone for our team - a testament to our collective hard work, dedication, and innovative spirit. This emphasises our continued commitment to acknowledging the efforts of our teams. We're pleased that despite challenging economic conditions, we remain unwavering in offering opportunities for wealth creation and fostering a culture of growth within Pocket FM,” said Rohan Nayak, co-founder and chief executive officer, Pocket FM.
The company stated that the initiative reflects Pocket FM’s recognition of the contribution and dedication demonstrated by its workforce.
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Pocket FM’s valuation almost doubled after its latest funding round to about $750 million, up from $390 million when it previously raised $65 million in its Series C round in March 2022. The latest round brings Pocket FM’s total funding to date to $196.5 million.
Pocket FM identified an untapped niche in the entertainment landscape and capitalised on it by focusing on original and unique storytelling across various genres. It pioneered a new entertainment category in the form of audio series.
Since its inception in 2018, Pocket FM has been driving serialized audio storytelling and has established itself as the leading player in personalised audio entertainment.
Pocket FM has built the largest repository of exclusive audio series. It boasts over 100,000 hours of content, including 2,000 exclusive audio series and over 400,000 episodes across genres and languages.
The company has surpassed an annual recurring revenue (ARR) of $150 million and is growing at 57 per cent quarter-on-quarter (Q-o-Q). It has clocked over 20 million transactions in 2023.
Pocket FM announced its entry into the US market in the fourth quarter of FY22, and its revenue has surpassed $100 million ARR in the US market. 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.
