BUSINESS

Pocket FM completes its USD 8.3 million first ESOP repurchase

The audio streaming service Pocket FM has completed its first employee stock ownership plan (ESOP) buyback, with a total of USD 8.3 million. In a recent release, Pocket FM said that both current and past workers who had invested in the firm participated in the repurchase.

The co-founder and CEO of Pocket FM, Rohan Nayak, said that the company would not waver in its commitment to provide chances for wealth creation and foster a culture of development among its employees. Nayak underlined the company’s commitment to quality and creativity as they continue to delight audiences all across the globe.

Since its founding in 2018, Pocket FM has raised USD 103 million and reached a value of USD 750 million, culminating in the conclusion of its Series D fundraising round. Pocket FM’s growth plans will be bolstered by this substantial infusion of money, especially in the US market. According to a statement from the firm, it will also help the platform’s goals for worldwide development into the LATAM and European markets, which are scheduled for 2024.

Pocket FM has grown at an astonishing pace, with an annual run rate (ARR) of over USD 150 million and a 57% quarter-over-quarter rise. This outstanding result highlights the platform’s growing notoriety and potential for future market penetration in the audio entertainment sector worldwide.

Concerning Pocket FM
Pocket FM is a global internet audio streaming platform that is available in more than 20 countries. Over 250,000 content providers and over 130 million listeners worldwide use the platform. You may also choose to pay a monthly or annual fee for the membership, and you can cancel at any moment while it’s still active. Additionally, before choosing to subscribe to the service, prospective users may try out the platform’s features and content during a free trial period.

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