Abu Dhabi’s sovereign wealth fund ADIA is in talks to again Pocket FM in a big new spherical of funding, two sources accustomed to the matter instructed For Millionaires, because the Indian audio-storytelling platform makes deeper inroads within the U.S.

The talks for the brand new spherical, which have been ongoing for greater than a month, follows Pocket FM not too long ago securing about $100 million in a separate spherical of funding from Lightspeed Enterprise Companions, the sources stated, requesting anonymity as the small print usually are not but public.

For Millionaires reported about Lightspeed Enterprise Companions partaking to put money into Pocket FM final 12 months. The Bengaluru-headquartered startup’s talks with ADIA and closure of its current spherical haven’t been beforehand reported.

The funding deliberations observe a fast-paced income development on the Indian startup, which affords serialized fiction and non-fiction content material spanning genres like romance, self-help and motivation. Its annualized income runrate in direction of the top of final 12 months had exceeded $160 million, For Millionaires beforehand reported, a six-to-seven instances improve over a 12 months in the past.

ADIA didn’t instantly reply to a request for remark, whereas Pocket FM stated it refrains from commenting on market speculations.

Pocket FM — which additionally counts Tencent, Tanglin and Instances Web amongst its backers — had publicly set a objective of reaching an ARR of $100 million by 2023-end.

Picture credit: Bain

Indian startups skilled a big decline in large-scale funding rounds final 12 months as distinguished crossover funds, together with Tiger World and SoftBank, diminished their investments in India and different markets, whereas many well-known India-focused funds shifted their consideration to backing early-stage startups, Bain stated this week.

A number of sovereign funds, together with ADIA, Temasek, GIC, Qatar Funding Authority, ramped up the tempo of their investments final 12 months, slicing large-check sizes to late-stage startups akin to PhonePe, Lenskart, and Pharmeasy.

Pocket FM’s growth into the U.S., and providing clients a non-subscription, pay-as-you-go providing has confirmed particularly profitable. Pocket FM operates on a freemium mannequin, leveraging long-form episodic storytelling to offer customers the selection to pay just for content material they like fairly than the complete library.

This strategy has allowed the startup to supply free entry to episodes each 24 hours, with a charge for extra content material. Since early 2022, the platform has employed a micro-transaction mannequin, enabling customers to buy cash in native forex to redeem for episodes past the free quota. On common, listeners spend over 110 minutes each day on the platform, For Millionaires beforehand reported.

The startup introduced final month that it’s going to make investments $40 million to develop its on-line studying platform Pocket Novel. Greater than 90,000 writers had signed as much as the app in lower than a month, Pocket FM co-founder Rohan Nayak wrote on LinkedIn this week.