- ByStartupStory | April 1, 2024
Pocket FM, the renowned audio streaming platform, has successfully completed its first Employee Stock Ownership Plan (ESOP) buyback, amounting to an impressive $8.3 million. The buyback witnessed enthusiastic participation from both current and former employees, reaffirming the company’s dedication to fostering wealth creation and employee empowerment.
This milestone comes hot on the heels of Pocket FM’s recent triumph in securing $103 million in a Series D funding round, spearheaded by Lightspeed. The platform, founded in 2018 by Nayak, Nishant S, and Prateek Dixit, has cemented its position as a frontrunner in the realm of audio content, offering a diverse array of podcasts and other engaging material in languages such as Hindi, Tamil, Bengali, and more.
With an impressive Annual Recurring Revenue (ARR) exceeding $150 million and a remarkable quarterly growth rate of 57%, Pocket FM continues to captivate audiences and expand its influence across the digital landscape.
In a bid to further revolutionize the Indian literary scene, Pocket FM unveiled Pocket Novel in February of this year. This innovative online reading platform serves as a bridge connecting talented Indian writers with avid readers, providing them with unprecedented visibility and lucrative earning opportunities. During its beta phase, Pocket Novel has already amassed a vibrant community of 1.5 lakh writers, with top-performing authors earning upwards of $2,500 monthly.
