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Tencent is in superior phases of talks to steer an funding spherical in Gurgaon-headquartered Pocket FM, the most recent within the Chinese language large’s push to broaden its client web portfolio within the Indian market.
The Chinese language agency, which is already an investor in Pocket FM, is in talks to steer a ~20-25 million spherical in Pocket FM, in accordance with three folks with data of the matter. The proposed time period values the three-year-old startup between $75 million to $100 million, two folks stated. Current traders Instances Web’s Model Capital and Lightspeed are additionally collaborating within the spherical.
The spherical hasn’t closed, so the phrases might change. Tencent and Pocket FM declined to remark.
Pocket FM operates an eponymous app that gives customers podcasts and audiobooks in English and several other Indian languages. On its web site, the service says its catalog is over 10,000 hours. The startup works with a number of creators to supply audiobooks.
The app is obtainable in a freemium mannequin. It has a paid subscription in addition to an ad-supported free model.
The funding talks come at a time when a variety of Indian startups are starting to launch in — or develop to — audio class. Indian social community ShareChat, as an illustration, launched a Clubhouse-like characteristic earlier this yr.
Pocket FM shall be Tencent’s newest wager in India’s client web area. The Chinese language large can also be a significant investor in music streaming service Gaana and on-demand video streaming participant MX Participant.
Tencent slowed its the tempo of investments in India final yr after New Delhi amended a rule to require Chinese language corporations to take its approval earlier than backing Indian corporations. It has turn into extra lively in latest quarters, investing by debt as a substitute of fairness with a convertible observe.
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