Pocket FM, an audio-focused over-the-top (OTT) service, has secured $22.4 million in a round headed by Lightspeed Venture Partners. The fresh investment also includes the Times Group and Tanglin Ventures.
The money will be used to expand the Gurugram-based startup’s operations and establish a larger content creator community, as well as expand its presence across geographies, according to the company. In addition, the business will invest in technology to improve recommendation algorithms.
Pocket FM is an online marketplace that sells long-form audio content such as audio shows, stories, books, and podcasts. It was founded in 2018 by Rohan Nayak, Nishant KS, and Prateek Dixit.