Tencent is in superior levels of talks to steer an funding spherical in Gurgaon-headquartered Pocket FM, the most recent within the Chinese language large’s push to broaden its client web portfolio within the Indian market.
The Chinese language agency, which is already an investor in Pocket FM, is in talks to steer a ~20-25 million spherical in Pocket FM, in accordance with 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 mentioned. Current traders Occasions Web’s Model Capital and Lightspeed are additionally collaborating within the spherical.
Tencent and Pocket FM declined to remark.
Pocket FM operates an eponymous app that provides 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 supply 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 variety of Indian startups are starting to launch in — or develop to — audio class. Indian social community ShareChat, for example, launched a Clubhouse-like function earlier this 12 months.
Pocket FM shall be Tencent’s newest guess in India’s client web area. The Chinese language large can also be an investor in music streaming service Gaana and on-demand video streaming participant MX Participant.
Tencent slowed its the tempo of investments in India final 12 months after New Delhi amended a rule to require Chinese language firms to take its approval earlier than backing Indian corporations. It has develop into extra lively in latest quarters, investing via debt as a substitute of fairness with a convertible word.