The company, currently housed in the US, will need to complete the reverse flip before filing for an initial public offering in India. Such a move involves bringing the holding company of an overseas-domiciled startup back to India, aligning the corporate structure with its main operating market and listing plans.
The plan comes at a time when Kuku Technologies, the parent of rival audio and video content platform Kuku FM, has taken a formal step towards the public markets.
ET reported earlier this month that Kuku Technologies has confidentially filed draft papers with the Securities and Exchange Board of India for a Rs 3,500-crore IPO, targeting a valuation of around Rs 15,000 crore.
“Kuku’s filing has sharpened the focus on India’s audio and mobile-first storytelling market, where companies are trying to scale paid content models across audio series, video-led storytelling and microdramas,” said one of the sources quoted above.
Pocket FM has also been in talks with private market investors to raise fresh capital of about $150 million, they said.