Abu Dhabi’s ADIA is reportedly exploring an investment in India’s Pocket FM, sources say

Abu Dhabi’s sovereign wealth fund ADIA is reportedly in discussions to invest in Pocket FM in a substantial new funding round, according to sources familiar with the matter speaking to. These talks, ongoing for over a month, follow Pocket FM’s recent funding round of approximately $100 million from Lightspeed Venture Partners. Althoughpreviously reported Lightspeed’s engagement with Pocket FM last year, discussions with ADIA and the completion of the latest funding round have not been previously disclosed.

The potential funding discussions come amidst rapid revenue growth for Pocket FM, an Indian audio-storytelling platform offering serialized fiction and non-fiction content across various genres such as romance, self-help, and motivation. Towards the end of last year, Pocket FM’s annualized revenue run rate exceeded $160 million, marking a significant increase of six to seven times compared to the previous year.

However, it’s important to note that ADIA and Pocket FM have not yet reached a deal, and there’s a possibility that the ongoing talks may not result in an investment, cautioned individuals familiar with the matter. ADIA has not responded to requests for comment, while Pocket FM stated its policy of refraining from commenting on market speculations.

Pocket FM, backed by Tencent, Tanglin, and Times Internet, publicly aimed to achieve an Annual Recurring Revenue (ARR) of $100 million by the end of 2023.