Audio streaming platform Pocket FM completes 1st ESOP buyback worth $8.3 mn

Audio series platform Pocket FM on Monday announced it has completed its first ESOP (employee stock ownership plan) buyback worth $8.3 million.

Several former and existing employees, holding vested stocks in the company, participated in this process, the company said in a statement.

“Despite the challenging economic conditions, we remain unwavering in offering opportunities for wealth creation and fostering a culture of growth within Pocket FM,” said Rohan Nayak, Co-Founder and CEO, Pocket FM.

“As we continue our journey of entertaining people worldwide, we will keep pushing boundaries, innovating relentlessly and striving for excellence together,” Nayak added.

Founded in 2018, the company last month announced its $103 million Series D round at a valuation of $750 million.

The new funding will strengthen the company’s push into the US market and also support global expansion as the company plans to expand into Europe and LATAM markets in 2024, it had said in a statement.

The company has surpassed a $150 million annual run rate (ARR) and is growing at 57 per cent (quarter-on-quarter).