Pocket Fm Secures $16 Million In Debt Funding From Silicon Valley Bank
05/02/23, 4:56 AM
Location
bengaluruMoney raised
$16 million
Industry
entertainment providers
music and audio
Audio Series platform Pocket FM on Tuesday said it has secured $16 million in debt funding from US-based Silicon Valley Bank (SVB), a division of First Citizens Bank. The company said that with this additional capital infusion, it will look to double its strategic priorities to strengthen its audio series library, expand its creator community globally and accelerate its revenue.“We are thrilled to be leading the way in creating a new entertainment category in the form of audio series, with a focus on strong unit economics. The debt funding we have secured gives us the resources to continue expanding our content library and build the largest audio series platform globally," Rohan Nayak, Co-founder & CEO, Pocket FM said in a statement.Nayak told ET that the company was well capitalized even without the debt funding. However, he said that the debt funding was an indicator of the company's 'strong unit economics' and validation of their business model
Company Info
Location
bengaluru, karnataka, india
Additional Info
Founded in 2018, Pocket FM was built with a vision to redefine the entertainment space by pioneering the audio-series category. We pride ourselves in embedding the storytelling elements with a layer of content personalisation in the longer format that resulted in the emergence of “binge listening” as a consumption habit. Today, we have emerged as the preferred digital audio destination for a refined storytelling experience with the audio-series format, riding on our diverse and engaging content.