New Delhi: Pocket FM, a popular audio series platform, has secured USD 16 million in debt funding from Silicon Valley Bank, a division of First Citizens Bank. This funding will be used to strengthen the platform’s audio series library, expand its creator community, and accelerate its revenue. With this new debt round, the total capital infusion for Pocket FM has increased to USD 109.5 million, including previous rounds until Series C, where the company raised USD 93.5 million.
According to Rohan Nayak, Co-founder and CEO of Pocket FM, the debt funding will provide the company with the necessary resources to expand its content library and build the largest audio series platform globally. The company aims to position audio storytelling as a mainstream entertainment format and has an innovative vision to achieve that.
Pocket FM caters to an 80 million listeners community worldwide, with listeners spending an average of over 150 minutes daily on the platform. The company’s impressive unit economics and unique approach to audio entertainment demonstrate significant revenue potential in a massive addressable market.
Chris Cameron, Senior Vice President at Silicon Valley Bank, commented on the debt raise, stating that Pocket FM has an innovative vision to audio storytelling and is helping to position it as a mainstream entertainment format. He also noted the company’s impressive revenue growth, which surpassed USD 25 million ARR in October 2022, representing a twelve times growth rate compared to the previous year.
Pocket FM’s success is attributed to its focus on producing high-quality audio series in multiple languages, featuring both original and licensed content. The platform’s user-friendly interface allows creators to upload content easily, and the company provides them with a revenue-sharing model to incentivize high-quality content creation.
In conclusion, Pocket FM’s latest debt funding round is a testament to the company’s success and potential in the audio series platform industry. The additional capital infusion will enable the company to expand its content library, attract more creators, and accelerate its revenue growth, positioning Pocket FM as a global leader in audio storytelling.
