New Delhi, April 30 -- Tencent-backed audio platform Pocket FM has revived plans to raise fresh capital, targeting $100 million-$120 million at a valuation of $1.5 billion-$2 billion, according to two people familiar with the matter. This marks a second attempt by the company, which had explored fundraising about nine months ago but failed to close the round amid investor concerns over backing a loss-making business.

Mint had earlier reported that Goldman Sachs was advising on the previous mandate. However, the first person said the fundraising process is being relaunched with a new banker.

"Over the past year, Pocket FM has worked on its profitability and turned cash flow positive, improving on its Ebitda margins, following which it re...