Audio OTT platform, Headfone has raised $10 million in a Series B funding round led by Elevation Capital. The fresh funds will be used to establish the app’s presence in other Indian languages.
The round also saw participation from existing investor Hashed, and new angel investors such as Google’s Anshumani Ruddra, Hotstar’s Ajit Mohan, and comedian Biswa Kalyan Rath.
Pratham Khandelwal, CEO of Headfone said in a statement, “The funding will be used for expansion into new languages like English and Bangla as well as more genres (fantasy, sci-fi etc). We will also be adding more people to our team and will be looking at expanding overseas.”
The Bengaluru-based start-up, under the umbrella of Diacoustic Labs, was launched in 2018 by former Facebook software engineers, Khandelwal and Yogesh Sharma. The decentralised audio platform accommodates writers, musicians, voice artists, and sound engineers who can collaborate with each other to develop audio dramas.
As of now, Headfone’s offering is restricted to Hindi. The app is a free social audio platform that also allows you to record and share audio, and listen to stories. Reportedly, Headfone boasts of 3 million monthly active users (MAUs) with 52 minutes spent per active user.
Previously, Headfone raised $3 million as a part of the Series A funding round led by Hashed, in January 2021. Radish Fiction’s Seung Yoon Lee, Axilor Ventures and Fosun RZ Capitals also participated. Prior to that, the app raised $750 thousand in a seed funding round led Fosun RZ Capital.
According to Statista, the audio OTT market in India is projected to grow up to $1.1 billion dollars in the next four years and up to $2.5 billion dollars by the end of the financial year 2030.