Chinese tech giant Tencent is soon going to back a Gurgaon-headquartered firm “Pocket FM”, although the deal is under development and none of the companies has made the confirmation yet. By leading this funding round Tencent aims to expand its consumer internet portfolio in the Indian market.
However, the firm already holds shares in Pocket FM, and now it aims to assist the firm to inject around 20-25 million. Pocket FM is an entertainment app that facilitates podcasts and audiobooks services in a variety of languages including Indian regional languages as well. The startup has teamed up with various talented creators to create audiobooks. A person familiar with the matter said “if the deal is finalized then it will be worth the three-year-old startup between $75 to $100 million”. The current investors including Times Internet’s Brand Capital and Lightspeed are also expected to join the financing round.
Several companies are starting and investing in audio Startups as nowadays these kinds of apps are at boom that’s why every firm or entrepreneur wants to enter into this business. The reason behind the sudden surge in the use of Audio book applications is the attraction of the users towards Audiobooks.
Audiobooks offers users the flexibility to read their favorite books from anywhere at anytime, this is one of the best option for those book lovers who can’t take time from their busy schedule to read books. Recently, the news of ShareChat to incorporate a Clubhouse-like feature is also came into the limelight earlier this year.Tencent is continuously investing in Indian startups for the past few years but it had slowed its investments due to the amendment of requiring Chinese firms to get permission before investing in any Indian startup. Meanwhile, now it again speeds up its investment in Indian firms.