Pocket FM, an audio series platform, has reportedly completed its first ESOP (employee stock ownership plan) buyback, totalling USD 8.3 million. The buyback saw the participation from both former and existing employees who held vested stocks in the company, as stated by Pocket FM in a recent announcement.
Despite the prevailing economic challenges, Pocket FM will remain committed to providing opportunities for wealth creation and cultivating a culture of growth among its workforce, remarked Rohan Nayak, the Co-Founder and CEO of Pocket FM. Nayak emphasized the company's dedication to innovation and excellence as they continue to entertain audiences worldwide.
Established in 2018, Pocket FM recently concluded a Series D funding round, raising USD 103 million and achieving a valuation of USD 750 million. This significant funding injection will fuel Pocket FM's expansion efforts, particularly in the US market. Additionally, it will support the platform's plans for global expansion into European and LATAM markets slated for 2024, according to the company's statement.
With an annual run rate (ARR) exceeding USD 150 million, Pocket FM has demonstrated impressive growth, boasting a 57% quarter-on-quarter increase. This remarkable performance underscores the platform's rising prominence and its potential to further penetrate the global audio entertainment market.
About Pocket FM
The Pocket FM is an online audio streaming platform which has a presence in over 20 countries worldwide. The platform has more than 250,000 content creators and over 130 million listeners spread across geographies. The subscription is also available at a monthly or yearly fee, with the option to cancel anytime during the subscription period. Also, the platform offers a free trial period to new users to test the features and content before opting for the subscription service.
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Inputs from IANS
