Pocket FM Raises $16 Mn In Debt Funding From Silicon Valley Bank
Pocket FM, a Bengaluru-based audio OTT platform, has raised $16 million in debt funding from US-based Silicon Valley Bank, a division of First Citizens Bank.
As per the startup, the raised funds will be used to strengthen its audio series library, expand its creator community and accelerate its revenue.
Pocket FM | Audio OTT Platform
Founded in 2018 by Nishanth Srinivas, Rohan Nayak, and Prateek Dixit, Pocket FM is an online marketplace for audiobooks and podcasts that lets users discover and enjoy the greatest selection of audio content ranging from audiobooks, stories and podcasts from the most diverse creator community.
The audio OTT platform has a plethora of the finest and premium audio content in eight languages (Hindi, Malayalam, Bangla, English, Tamil, Telugu, Kannada, and Marathi).
Speaking about the development, Rohan Nayak, Co-founder and CEO of Pocket FM, said,
“The debt funding we have secured gives us the resources to continue expanding our content library and build the largest audio series platform globally.”
In March 2022, Pocket FM raised $65 million in a Series C round led by Goodwater Capital, Naver, and existing investor Tanglin Venture Partners to strengthen its leadership position, expand into new languages, invest in AI capabilities, and build the largest audio creator community.
Months prior to this, in December 2021, the startup secured Rs 168 crore ($22.4 million) in a Series B round of funding led by its existing investor Lightspeed Venture Partners.
Commenting on the development, 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.”
The audio OTT platform claims to be catering to an 80 million listeners community globally, with listeners spending an average of over 150 minutes daily. Last year, it clocked twelve times the revenue growth surpassing USD 25 million ARR in October 2022.
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