Tencent is in superior levels of talks to steer an funding spherical in Gurgaon-headquartered Pocket FM, the most recent within the Chinese language big’s push to broaden its shopper 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, based on 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. Present traders Occasions Web’s Model Capital and Lightspeed are additionally collaborating 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 a number of 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 spread of Indian startups are starting to launch in — or increase to — audio class. Indian social community ShareChat, for example, launched a Clubhouse-like characteristic earlier this 12 months.
Pocket FM will likely be Tencent’s newest wager in India’s shopper web area. The Chinese language big can also be a significant 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 companies. It has grow to be extra lively in latest quarters, investing via debt as a substitute of fairness with a convertible word.