Pocket FM receives $16 million debt funding from Silicon Valley Bank

Pocket FM, the audio platform, has bagged USD 16 million, about Rs 131 crore, in debt funding from US-based Silicon Valley Bank.  

The fund will be used for expanding its audio series library, augmenting its creator community and accelerating 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. 

This investment is a testament to our growth trajectory and mission to revolutionize the audio entertainment landscape. We are excited to build on this momentum and bring our listeners even more engaging content," Pocket FM Co-Founder and CEO Rohan Nayak said in a statement. 

The company has been founded in 2018 and has raised USD 93.5 million until Series C. With this new debt round, the total capital infusion has increased to USD 109.5 million. 

"We are grateful to Silicon Valley Bank for their confidence and belief in Pocket FM's strong revenue metrics and innovative approach to audio entertainment. With them joining our growth journey, we will continue accelerating our growth curve and strengthening our content library, giving the audio series its identity," Pocket FM, Vice President-Finance, Anurag Sharma said. 

Last year Pocket FM has reached 12 times revenue growth, surpassing USD 25 million ARR (annualized revenue run-rate) in October 2022. 

The start-up claims that it caters to a listeners' community of 80 million globally, with listeners spending an average of over 150 minutes daily. 

"Pocket FM has an innovative vision for 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," Silicon Valley Bank, Senior Vice President, Chris Cameron said.

SVB became operational after First Citizens BancShares acquired its all assets and liabilities in the last week of March from the Federal Deposit Insurance Corporation (FDIC). 

First Citizens BancShares continues to maintain the old brand name of SVB.