Pocket FM Appoints Abhilash Padival as Chief Financial Officer
Bank of America Merrill Lynch Loses India Investment Banking Director as He Joins Pocket FM
Abhilash Padival, the Director of India Investment Banking at Bank of America Merrill Lynch, has left his position, according to sources familiar with the development. Padival is set to join Pocket FM as its chief financial officer (CFO).
During his seven-year tenure at BofA-ML, Padival worked on the initial public offerings (IPOs) of Zomato, Swiggy, Nykaa, and Delhivery, among others. His departure comes shortly after it was reported that Anurag Sharma was stepping down as CFO at Pocket FM, marking the end of a five-year term.
Padival's hire by Pocket FM is significant, as the company is currently in the process of raising funds from private market investors and aims to go public in the coming year or so. Recent developments at the company include the elevation of Lalit Gangwar to the position of chief operating officer (COO), as the firm strengthens its senior leadership team.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
Despite the lack of response from Pocket FM and BofA to Moneycontrol's queries, it is clear that Pocket FM is a growing player in the market. The company, which competes with other popular platforms such as Kuku, Eloelo, and ShareChat, has raised close to $200 million, according to data provider Tracxn.
Key Financial Highlights of Pocket FM
| Metric | Value |
|---|---|
| Annualised Revenue Run Rate (ARR) | $400 million |
| Growth in ARR over the past 12 months | 100% |
| Number of creators producing content monthly | 300,000 |
| Monthly hours of content produced | 80,000 |
| Number of audio series offered | 100,000 |
| Genres offered | Romance, Drama, Thriller, Fantasy, Science Fiction |
| Number of writers worldwide | 300,000 |
| Number of listeners | 250 million |
| Average daily listening time per user | 125 minutes |
The company's growth has been driven largely by AI-led content creation. A few weeks ago, Rohan Nayak, a key figure at Pocket FM, took to social media to announce that the company had crossed $400 million in ARR, doubling over the past 12 months. This achievement is a testament to the company's ability to adapt to changing market trends and leverage technology to drive growth.
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
Investor Takeaway
Pocket FM is strengthening its top deck ahead of a potential IPO.
More in Market
Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
Indian Stocks to Watch: BHEL, Agarwal Industrial, JBM Auto, Rajesh Exports, Indian Energy Exchange, Lenskart Solutions in Market Focus on June 4.
