Abu Dhabi Investment Authority Eyes $1.2 Billion Stake in India's Pocket FM

In a bid to bolster its investment portfolio, the Abu Dhabi Investment Authority (ADIA), the UAE's largest sovereign wealth fund, is reportedly in advanced discussions with India’s leading audio storytelling platform, Pocket FM, aiming to inject approximately $1.2 billion into the venture, as reported by The Economic Times.

This development comes hot on the heels of Pocket FM's recent revelation of securing a hefty $103 million in Series D funding.

Spearheaded by prominent US venture capital firm Lightspeed, the funding round has propelled Pocket FM's total funding to a substantial $196.5 million, indicating strong investor confidence in the platform's growth trajectory.

News of ADIA's potential investment in Pocket FM surfaces amidst the Indian company's strategic move to penetrate the American market, with plans for further expansion into Europe and Latin American markets slated for 2024, as initially disclosed by US-based news outlet TechCrunch.

According to sources familiar with the matter cited by The Economic Times, discussions between ADIA and Pocket FM have been ongoing for over a month.

The report also suggests that the online streaming platform is on the brink of finalizing a new fundraising agreement, which would propel it into the exclusive "unicorn club" of privately held tech companies, boasting valuations exceeding $1 billion.

Since its inception in 2018, Pocket FM has demonstrated robust financial performance, surpassing $150 million in annual recurring revenue (ARR) and achieving a remarkable 57% quarter-on-quarter growth rate.

ADIA's interest in Pocket FM underscores its recent focus on investment opportunities in Asia.

Just last week, London-based Financial Times revealed ADIA's intent to acquire discounted stakes from Western investors in funds managed by Hong Kong-based PAG, as US investors seek to reduce their exposure to China.

Source: Bindu Rai / Zawya