Abu Dhabi’s ADIA Considers Funding Pocket FM

• Abu Dhabi's ADIA is in discussions to provide substantial funding for Pocket FM.
• Pocket FM recently raised $103 million in a separate round of funding led by Lightspeed Venture Partners, showcasing significant growth.
• Pocket FM is investing $40 million to expand its online reading platform, Pocket Novel, attracting a significant number of writers and bolstering its content offerings.

Abu Dhabi's sovereign wealth fund ADIA is currently in talks to provide significant funding for Pocket FM, a popular Indian audio-storytelling platform that is expanding its reach in the U.S. 

This new funding round has been under discussion for more than a month now. Just recently, Pocket FM successfully raised approximately $103 million in a separate funding round with the help of Lightspeed Venture Partners. 

Their annualized revenue run rate by the end of last year had exceeded $160 million, showcasing a remarkable six-to-seven times increase compared to the previous year.

One of the key factors contributing to Pocket FM's success in the U.S. market is its unique pay-as-you-go service, which doesn't require any subscription fees. Instead of paying for the entire content library, users have the freedom to select and pay only for the specific content they prefer.

Moreover, Pocket FM recently made an exciting announcement about investing $40 million to expand its online reading platform, Pocket Novel.

Within just a month, more than 90,000 writers have already signed up for the app, as shared by Pocket FM co-founder Rohan Nayak on LinkedIn. This expansion further enhances Pocket FM's offerings and solidifies its position as a leading platform for audio and reading content.

Edited by Shruti Thapa