Pocket FM, an audio series platform, has obtained USD 16 million (about Rs 131 crore) in debt funding from Silicon Valley Bank, which was recently bought by First Citizens Bank, the start-up announced on Tuesday.
The cash will be used by the audio over-the-top company to increase its audio series collection, develop its creative community, and accelerate revenue.
Rohan Nayak is the Co-Founder and CEO of Pocket FM. According to him, the investment received by Pocket FM demonstrates the company’s rapid growth and commitment to revolutionizing the audio entertainment landscape. We are delighted to capitalize on this momentum and provide our listeners with even more interesting programming.”
Nayak said the debt funding Pocket FM has secured allows the company to continue expanding its content library and building the world’s largest audio series platform.
Pocket FM was founded in 2018 and has raised USD 93.5 million up to Series C. The overall capital injection has climbed to USD 109.5 million as a result of this new debt round.
Pocket FM Vice President-Finance Anurag Sharma stated the company appreciates Silicon Valley Bank for its trust and belief in Pocket FM’s robust revenue metrics and innovative approach to audio entertainment.
He said, “With them joining our growth path, we will continue to accelerate our growth curve and strengthen our content library, giving the audio series its individuality.”
Pocket FM claims to have increased its revenue by 12 times in the previous year and hopes to reach USD 25 million ARR (annualized revenue run-rate) in October last year. The startup promises to serve an audience of 80 million listeners worldwide, with listeners spending an average of more than 150 minutes every day.
“Pocket FM’s vision for audio storytelling is innovativeand. It contributes to its positioning as a popular entertainment medium.”
Silicon Valley Bank Senior Vice President Chris Cameron, stated, “Its distinctive approach to audio entertainment, combined with impressive unit economics, demonstrates significant revenue potential in a massive addressable market.” “We are thrilled to be working with Pocket FM.”
SVB became active after First Citizens BancShares purchased all assets and liabilities from the Federal Deposit Insurance Corporation (FDIC) in the last week of March.