Pocket FM Completes Its First ESOP-Buyback For $8.3 million 

Audio series platform Pocket FM has announced that the company completed its first Employee Stock Ownership (ESOP) buyback worth $8.3 million. Many former and existing employees holding vested stocks in the company participated in this process. 

Rohan Nayak, co-founder and CEO of Pocket FM, said, “Today marks a significant milestone for our team—a testament to our collective hard work, dedication, and innovative spirit. This emphasises our continued commitment to acknowledging the efforts of our teams, and we're pleased that despite the challenging economic conditions, we remain unwavering in offering opportunities for wealth creation and fostering a culture of growth within Pocket FM.” 

The initiative reflects Pocket FM’s acknowledgment of the contribution and dedication showcased by its workforce. The company continues to remain committed to driving innovation and excellence in the entertainment landscape and fostering a supportive and rewarding work environment to fuel its growth and success as it expands into the global market, according to a company statement. 

The company recently announced its $103 million Series D round at a valuation of $750 million. The funding will be used by Pocket FM to strengthen the use of generative AI and its content library. The investment was led by LightSpeed, a venture capital firm, with participation from other investment firms.  

“We are growing sustainably, and we’re not in that position where we have a runway issue. We believe profitability is the natural outcome for us, given our unit economics,” said Rohan Nayak, chief executive and co-founder of Pocket FM, as per Business Standard. 

The company had earlier said that it is aiming to expand in Europe and Latin America and the United States.