Lightspeed-Backed Pocket FM Enters Digital Novel Space, Earmarks $40 Mn For New Venture

Lightspeed-Backed Pocket FM Enters Digital Novel Space, Earmarks $40 Mn For New Venture

SUMMARY

Founded in 2018 by Nishanth KS, Prateek Dixit, and Rohan Nayak, Pocket FM is an audio book platform that offers content across multiple languages

Pocket FM said in a statement that it has invested $40 Mn to bolster its position in the digital literary space

The startup has launched Pocket Novel with a base of 150K writers and envisions building a community of 1 Mn writers and strengthening its library to 2 Mn novels by 2025

Audio over-the-top (OTT) platform Pocket FM has rolled out its online novel reading platform Pocket Novel aiming to expand its offerings to other entertainment segments and formats.

The startup said in a statement on Tuesday (February 20) that it is also planning to invest $40 Mn in its new venture as it aims to clock $100 Mn in annualised revenue run rate (ARR) globally by 2025.

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