Audio series and story platform Pocket FM Pvt. said on Tuesday that it secured $16 million, or around Rs 131 crore, in debt funding from the recently rescued Silicon Valley Bank.
The Gurugram-based startup said it would use the funds to strengthen its audio series library and expand its creator community.
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 nearly $110 million. The company claims to have eight crore listeners globally, with an average of over 150 minutes spent on the platform daily.
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"The debt funding we have secured gives us the resources to continue expanding our content library and build the largest audio series platform globally," Chief Executive Officer Rohan Nayak said.
"Its unique approach to audio entertainment and impressive unit economics shows significant revenue potential in a massive addressable market," SVB Senior Vice President Chris Cameron said.
The debt comes from SVB, which collapsed and became a division of First Citizens Bank after it was placed into receivership by the Federal Deposit Insurance Corp.
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