Audio series platform Pocket FM has raised $16 million, about Rs 131 crore, in debt funding from US-based Silicon Valley Bank, which was recently acquired by First Citizens Bank, the start-up said on Tuesday.
The audio over-the-top firm plans to utilise the funds 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.
Founded in 2018, Pocket FM has raised $93.5 million until Series C. With this new debt round, the total capital infusion has increased to $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.
Pocket FM claims to have clocked 12 times revenue growth last year, surpassing $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.