Tencent is in superior phases of talks to steer an funding spherical in Gurgaon-headquartered Pocket FM, the newest within the Chinese big’s push to broaden its client web portfolio within the Indian market.
The Chinese agency, which is already an investor in Pocket FM, is in talks to steer a ~20-25 million spherical in Pocket FM, in response to three individuals with data of the matter. The proposed time period values the three-year-old startup between $75 million to $100 million, two individuals stated. Existing buyers Times Internet’s Brand Capital and Lightspeed are additionally taking part within the spherical.
The spherical hasn’t closed, so the phrases could change. Tencent and Pocket FM declined to remark.
Pocket FM operates an eponymous app that gives customers podcasts and audiobooks in English and several other Indian languages. On its web site, the service says its catalog is over 10,000 hours. The startup works with a number of creators to provide audiobooks.
The app is out there in a freemium mannequin. It has a paid subscription in addition to an ad-supported free model.
The funding talks come at a time when a spread of Indian startups are starting to launch in — or increase to — audio class. Indian social community ShareChat, for example, launched a Clubhouse-like function earlier this yr.
Pocket FM might be Tencent’s newest wager in India’s client web house. The Chinese big can also be a serious investor in music streaming service Gaana and on-demand video streaming participant MX Player.
Tencent slowed its the tempo of investments in India final yr after New Delhi amended a rule to require Chinese corporations to take its approval earlier than backing Indian corporations. It has turn into extra lively in current quarters, investing by way of debt as a substitute of fairness with a convertible be aware.
