The Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth of UAE is believed to be in talks to invest $1.2 billion into Pocket FM, an audio storytelling platform based out of Bengaluru, India.
The company had recently announced it had raised $103 million in Series D funding led by the US venture capital firm Lightspeed Ventures. The startup has raised $196.5 million in funding so far.
According to several reports, ADIA is in talks with Pocket FM during a time when the latter is looking to enter the LATAM, Europe, and American markets. Reports state the talks between ADIA and the startup have been on for over a month now. The online streaming platform was close to finalise a deal that would push it to the coveted unicorn status with a valuation of over $1 billion.
Since 2018, Pocket FM stated it has exceeded $150 million in annual recurring revenue (ARR) and is growing at 57 per cent quarter-on-quarter. The ADIA has been eyeing investments across Asia and the wealth fund has also been looking to grab a discount Western investors’ stakes in funds managed by Hong Kong-based PAG as US investors cut their China exposure.
