Bengaluru-based audio sequence startup Pocket FM on Tuesday reported a two-fold rise in FY24 income, helped by an improve in income from providers rendered to its US-based holding firm.
The corporate reported a standalone FY24 income of Rs 260.85 crore, in contrast with Rs 129.75 crore within the earlier yr. Moreover, income from providers offered to its US entity jumped 278.4% to Rs 131.68 crore through the interval.
On the similar time, Pocket FM additionally managed to chop down its web loss for the interval by 77.5% to Rs 15.7 crore, in contrast with Rs 68.71 crore in FY23.
Nevertheless, the corporate reported a 39% rise in complete bills through the interval, slowed down by a surge in worker profit bills. These bills embrace prices incurred for advantages offered to staff corresponding to salaries, wages, and bonuses.
Pocket FM’s worker profit bills for FY24 stood at a whopping Rs 111.91 crore in contrast with Rs 64.28 in FY23.
The corporate had introduced two rounds of layoffs this yr, as soon as in July when it let go 200 writers within the US and one other in October, when it fired 50 staff globally, in line with a number of stories.
Based in 2018 by Rohan Nayak, Prateek Dixit, and Nishanth Okay S, Pocket FM gives podcasts and different content material in Hindi, Tamil, Bengali, and different regional languages.
The corporate final raised $103 million in a Sequence D funding spherical, doubling its valuation to about $750 million from $390 million. The fundraise was led by Lightspeed Ventures.
The corporate had disclosed plans to strengthen its presence within the US in addition to to broaden into Europe and Latin American markets with the newly raised funds.