Audio OTT (over-the-top) platform Headfone has raised $10 million (around Rs 76 crore) in a Series B funding round led by early-stage venture capital firm Elevation Capital.

South Korea-based VC firm Hashed and angel investors like Ajit Mohan (Vice President and Managing Director, Meta India), Biswa Kalyan Rath (stand-up artist) & Anshumani Ruddra (Group PM at Google) also participated in the funding round.

The audio OTT platform, which currently offers content in Hindi, will use the funds to diversify content offerings across languages and expand across genres. 

Headfone | Audio OTT Platform

Founded by Pratham Khandelwal and Yogesh Sharma in 2017, Headfone is an audio OTT platform that primarily focuses on offering audio drama in fictional genres such as horror, suspense, and romance, among others. 

Speaking about the development, Pratham Khandelwal, Co-founder and CEO of Headfone, said,

“Popular fiction genres like horror, fantasy and thriller are expensive to create and difficult to get right in video format whereas the same genres can be quickly produced in audio drama format and still give an immersive and imaginative experience to listeners.” 

The Bengaluru-based audio OTT platform has 3 million monthly active users, with 52 minutes as the average daily time spent per active user on the app. Headfone has 800,000 content pieces on the platform, growing at a 10% CMGR (compound monthly growth rate).

In January 2021, Headfone had raised $3 million in its Series A funding round led by VC firm Hashed and SoftBank Ventures Asia-backed Radish app’s founder Seung Yoon Lee.

Recently, Elevation Capital announced its eighth India-dedicated fund at $670 million, its largest-ever corpus. With offices in Bengaluru, Gurugram and Salt Lake City, the VC firm has invested in companies across consumer internet, SaaS, fintech, consumer brands, edtech, health tech and Web3/crypto.

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