Pocket FM Raises $16M to Build New Audio Series Library, Expand Creator Community

Pocket FM, the Gurugram-based audio OTT startup, has secured $16 million in debt funding from Silicon Valley Bank to expand its audio series library and creator community. With this investment, Pocket FM plans to accelerate its revenue and strengthen its position in the audio entertainment market. The startup boasts of an 80 million listener community globally, providing audio entertainment in various Indian languages and English.

Founded in 2018 by Rohan Nayak, Nishanth Srinivas, and Prateek Dixit, Pocket FM offers a unique online audio entertainment platform that focuses on audio series – a serialised fictional audio storytelling. The company has reported witnessing strong adoption of audio series and growth in listening time, with listeners spending an average of 150 minutes every day. Pocket FM aims to build the largest audio series platform globally with the resources provided by the latest debt round, taking the total capital infusion to $109.5 million.

According to Rohan Nayak, Co-founder and CEO of Pocket FM, the debt funding will enable the company to continue expanding its content library and bring engaging content to its listeners. “The debt funding we have secured gives us the resources to continue expanding our content library and build the largest audio series platform globally,” said Nayak.

He also believes that the investment is a testament to Pocket FM’s growth trajectory and mission to revolutionize the audio entertainment landscape. With the momentum gained from this investment, Pocket FM plans to offer its listeners even more engaging content.

Pocket FM records 12x Growth

Pocket FM reported 12x revenue growth last year, surpassing $25 million in ARR (annualized revenue run-rate) in October 2022. The startup’s innovative vision of audio storytelling has helped position it as a mainstream entertainment format.

“Pocket FM has an innovative vision of audio storytelling and is helping to position it as a mainstream entertainment format,” said Chris Cameron, Senior Vice President at Silicon Valley Bank. He added, “Its unique approach to audio entertainment and impressive unit economics shows significant revenue potential in a massive addressable market.” With the latest debt funding, Pocket FM aims to capitalize on this potential and grow even further in the global audio entertainment market.

Pocket FM‘s latest funding round from Silicon Valley Bank reaffirms the growing interest in audio entertainment and its immense potential in the global market. With its unique approach to audio series and a rapidly growing listener base, Pocket FM is well-positioned to capitalize on this trend and become a dominant player in the audio entertainment market. The startup’s commitment to expanding its content library, creator community, and revenue streams, underscores its dedication to revolutionizing the audio entertainment landscape.

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