Pocket FM, an audio series platform, is reducing its workforce as part of its restructuring efforts. The company is laying off 75 employees, primarily from the technology division. In an earlier round of layoffs in October 2023, it let go of 50 employees, and before that, 200 contract writers were terminated.
According to Moneycontrol, these layoffs are intended to ensure the company’s growth, success, and sustainable operations in the long run. Some media reports suggest that the job cuts may not stop at 75, indicating that the process could continue.
In April 2024, Pocket FM completed its first Employee Stock Ownership Plan (ESOP) buyback, totaling $8.3 million. This buyback saw active participation from both current and former employees. At that time, the company emphasized its commitment to recognizing the contributions of its teams. The ESOP buyback occurred shortly after Pocket FM successfully completed its Series D funding round in March, raising $103 million and valuing the company at $750 million.
Founded about seven years ago, Pocket FM offers over 75,000 audio series across various genres, including drama, fantasy, romance, science fiction, and thriller. The audio series are available in multiple regional languages, including Tamil, Hindi, Telugu, Bengali, Marathi, Malayalam, and Kannada.
The platform was founded by Rohan Nayak, Prateek Dixit, and Nishanth Srinivas. Notable investors in Pocket FM include Lightspeed, Times Internet, Tanglin Venture Partners, Goodwater Capital, Naver, and Silicon Valley Bank.
