Audio entertainment platform, Pocket FM, has raised $103 million in Series D funding. The round was led by Lightspeed while Stepstone Group also participated in this round. The platform has raised a total funding of $196.5 million till date.

The fresh funds will strengthen Pocket FM’s push into the U.S. market and also support global expansion as the company plans to expand into Europe and LATAM markets this year. It will also continue to strengthen its exclusive content library and create a strong IP playbook as it builds a community of writers.

“We identified an unexplored space in the entertainment industry driven by an increasing demand for audio fiction and crafted a playbook to address this opportunity across every key market. Our robust content library of audio series and a strong consumption behavior on the platform is shaping the future of entertainment. Our focus remains on tapping into unique and exclusive stories to solidify our leadership in this emerging category and create a strong IP playbook. This latest funding validates our vision and the possibilities we bring to disrupt the industry,” said Rohan Nayak, CEO and Co-Founder of Pocket FM.

Launched in 2018, Pocket FM has built the a repository of exclusive audio series of over 100,000+ hours of content. The company said it has crossed $150 million ARR, and is growing at 57 per cent quarter-on-quarter. It clocked over 20 million transactions in 2023. The company which forayed in Q4 in late 2022, claimed its revenue has surpassed $100 million ARR-mark in the U.S. market.

“What sets Pocket FM apart is its vision to set up a sustainable and profitable business, backed by its unique pricing strategy. It emerges as a great reference for the entertainment landscape, with its capability to demonstrate strong unit economics. They are not just building a new category but democratizing the entertainment landscape with a tech-driven approach,” said Harsha Kumar, Partner at Lightspeed.

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