Pocket FM raises $65 Million from Goodwater Capital and others

Pocket FM, an audio OTT platform, raised $65 million in its Series C funding from Goodwater Capital and other existing investors. The company said in a statement that it plans to strengthen its leadership position, expand into new languages, invest in AI capabilities, and invest capital to build the largest audio creator community.

The co-founder and CEO of Pocket FM, Rohan Nayak has said that audio consumption has seen exponential growth over the last year, and the platform is on a mission to be the largest audio OTT platform.

The platform offers over 1,00,000 hours of long-format content audio series, stories, novels, podcasts and knowledge shows in 8 languages. The co-founder and COO of Pocket FM Nishant KS also said that in addition to audio entertainment it saw 12 times growth in consumption of self-help books, audio courses. 

Founded in 2018, Pocket FM claims to have more than 50 million users and registered over 3 billion monthly listening minutes. It has raised $28.6 million in previous rounds from existing marquee investors including Lightspeed, Tencent, Times Group and Tanglin Venture Partners.