Headfone Funding: OTT Audio Platform Headfone Raises $10M in Funding Led by Elevation Capital

Chenai: An OTT audio platform, Headfone announced on Tuesday that it has raised $10 million in Series B funding led by Elevation Capital. The company said it would use the funds to establish its presence in other languages.

Founded in 2018 by ex-Facebook software engineers Pratham Khandelwal and Yogesh Sharma, Headfone is an OTT audio platform that mainly offers audio dramas in fictional genres like horror, thriller, romance, etc.

“The funding will be used for expansion into new languages ​​like English and Bengali as well as other genres (fantasy, sci-fi, etc.). We will also be adding more people to our team and considering expand overseas,” said Pratham Khandelwal. , said the CEO of Headfone. Headfone currently offers content in Hindi.

Khandelwal went on to add that the company will focus on language expansion, genre-specific expansion, and product enhancements in the future. Headfone believes that unlike video or text, audio enables asynchronous, screenless consumption of content, allowing listeners to consume audio content throughout the day. Additionally, the company said that popular fiction genres like horror, fantasy and thriller are expensive to create and difficult to obtain in video format while the same genres can be quickly produced in audio drama format, while providing an immersive and imaginative experience for listeners. .

The company claimed that there are currently three million monthly active users on Headfone with 52 minutes of average daily time spent per active user on the app. There are a total of 800,000 pieces of content on the platform, which has grown at a CMGR of 10% over the past two years.

“They have come to this stage with a lean team of 9 members who are passionate about creating great audio content. We believe this is just the start of great things to come for Headfone,” said Mayank Khanduja, Partner at Elevation Capital.

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The current round also saw participation from Hashed, an existing investor, as well as angels such as Ajit Mohan (Founding CEO, Hotstar), Biswa Kalyan Rath (Artist) and Anshumani Ruddra (Group PM, Google).

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