Pocket FM, an audio series platform based in India, has secured $16 million in debt funding from Silicon Valley Bank.
With this round, the company’s total capital infusion has reached $109.5 million.
The fresh funds will be used to expand Pocket FM’s audio series library, expand its creator community by attracting creative minds globally, and accelerate its revenue.
“The debt funding we have secured gives us the resources to continue expanding our content library and build the largest audio series platform globally,” said Rohan Nayak, co-founder & CEO, Pocket FM.
Pocket FM was founded in 2018 with a mission to redefine the audio OTT space by launching an audio-series category. It is now a long-form entertainment OTT in the audio landscape and digital audio destination for a diverse storytelling experience.
The company caters to 80 million listeners globally, with them spending an average of over 150 minutes daily.
Pocket FM follows a micropayment-led pricing model. It claims to have seen a 12X growth in revenue last year, surpassing $25 million annualized revenue run-rate in October 2022.
Chris Cameron, Senior vice president at Silicon Valley Bank said, “Pocket FM has an innovative vision to audio storytelling and is helping to position it as a mainstream entertainment format. Its unique approach to audio entertainment and impressive unit economics shows significant revenue potential in a massive addressable market. We are excited to work with Pocket FM and support the company’s continued growth and success as its banking partner.”