ADIA To Invest $1.2 Billion In India’s Pocket FM: Reports
The Abu Dhabi Investment Authority (ADIA), the sovereign wealth fund of the UAE, is reportedly in advanced talks to invest a substantial sum in India's burgeoning audio storytelling platform, Pocket FM. According to a report from The Economic Times, the investment could be in the ballpark of $1.2 billion. This move underscores ADIA's interest in diversifying its portfolio across various sectors and geographies, with a keen eye on the dynamic digital content market.
Pocket FM recently announced it had raised $103 million in a Series D funding round, led by US-based venture capital firm Lightspeed. To date, the Bangalore-based company has secured $196.5 million in funding. The investment by ADIA, as reported by TechCrunch, comes at a crucial juncture for Pocket FM as it sets its sights on the American market, with ambitious plans for further expansion into Europe and the LATAM regions by 2024.
The discussions between ADIA and Pocket FM have been ongoing for over a month, revealing the fund's strategic approach to investments in the tech sector. This potential deal could elevate Pocket FM to the coveted 'unicorn' status, joining the ranks of privately held tech companies with a valuation of $1 billion or more.
Since its inception in 2018, Pocket FM has experienced a meteoric rise, boasting an annual recurring revenue (ARR) exceeding $150 million and witnessing a 57% growth quarter-on-quarter. This impressive performance is indicative of the platform's strong market presence and the growing global appetite for digital audio content.
ADIA's investment strategy has recently focused on Asia, as evidenced by its interest in acquiring stakes at a discount from Western investors in funds managed by Hong Kong-based PAG. This move comes as US investors seek to reduce their exposure to China, highlighting ADIA's agile approach to capitalizing on shifting market dynamics.
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