Pocket FM, an audio-based over-the-top (OTT) platform, has raised $22.4 million in a Series B fundraising round headed by Lightspeed.

Times Group and Tanglin Venture Partners, who were first-time investors in the company, also participated in the Series B round.

The funds will be used to expand the company's operations, strengthen its network of content creators, and expand its footprint across geographies, according to the company. The profits from crowdfunding will also be used to invest in technology and improve user suggestions.

Pocket FM, which has been around for three years, allows creators to offer premium audio-based long-form content in eight Indian languages, including Hindi, Tamil, Telugu, Malayalam, and Bangla.

“We are at a juncture where both Pocket FM and the overall audio OTT space are witnessing exponential growth. Audio storytelling has now become a mainstream content format for entertainment and our mission is to build Pocket FM as a global entertainment service provider. We are grateful to our investors for their continued faith and support in our vision," says Rohan Nayak, co-founder and chief executive officer (CEO), Pocket FM, in a statement.

Pocket FM claims to have surpassed 40 million downloads, 3 billion monthly listening minutes, and more than 110 minutes spent on its app each day in just three years.

“We are excited to back the Pocket FM team as they scale up to build the future of audio content and are looking forward to the next phase of this incredible journey. The team has constantly innovated ahead of the curve, with multiple language offerings for their short and long-form audio content," stated Harsha Kumar, Partner at Lightspeed.

Over the following six months, Pocket FM plans to surpass the 100 million user mark.

“Pocket FM is a pioneer in the audio OTT space in India, and their approach towards democratizing audio content creation is a game-changer. The company’s stellar growth trajectory, user engagement, and retention are a testament to the consumer’s love for Pocket FM’s product. We look forward to working with the Pocket FM team towards building a large and enduring business," says Sankalp Gupta, partner, Tanglin Venture Partner. Pocket FM currently collaborates with over 17,000 writers and voice artists.

Pocket FM has previously raised $650,000 in seed capital and another $5.6 million in its Series A funding round. Tencent is one of the company's many notable investors.