PE Fund Investments
Audio content platform Headfone raises $10-M led by Elevation Capital
Ahmedabad-registered Diacoustic Labs Private Limited, which operates audio-content platform Headfone (with operations based in Bangalore), has raised USD 10 million in Series B funding led by Elevation Capital. The round also saw participation from existing investor South Korean venture capital firm Hashed and angel investors such as Meta's vice president and India managing director Ajit Mohan, comedian Biswa Kalyan Rath and Google executive Anshumani Ruddra. Started in 2018 by former Meta (then Facebook) software engineers Pratham Khandelwal and Yogesh Sharma, Headfone offers audio dramas in fiction genres like horror, thriller, and romance among others. It claims to have 800,000 content pieces on the platform and 3 million monthly active users, who spend an average 52 minutes a day on the app.
From the Venture Intelligence PE-VC Deal Database: Between Oct-19 and Dec-20, Headfone had raised over USD 3.71 M from Fosun Group and Axilor Ventures. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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