Pocket FM, an audio series platform based in Gurugram, has secured $16 million in funding through a debt round from Silicon Valley Bank, a division of First Citizens Bank in the US.
The company plans to use the funds to strengthen its audio series library, expand its creator community, and accelerate its revenue growth. Pocket FM has achieved significant success with its micropayment-led pricing model, recording 12x revenue growth in 2022 and surpassing $25 million in annualized revenue run-rate in October of that year.
Pocket FM: Company Plans
The company is also looking to expand its global presence after a successful launch in the US. With this funding, Pocket FM has raised almost $94 million since its inception, with investors including Tencent and Times Group.
However, the company recorded losses of Rs 171.6 crore during FY22, compared to Rs 17.14 crore in FY21, despite its operating scale growing to Rs 17 crore in FY22 from Rs 1.49 crore in FY21.
Pocket FM competes with several other audio content platforms such as KuKu FM, Awaz, and Headfone. Silicon Valley Bank made headlines in March 2023 as the second-largest bank failure in US history.
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A brief on the company’s offerings
Pocket FM is a mobile application that provides users with access to a wide variety of audio content, including podcasts, audiobooks, and radio shows. The app allows users to discover and stream content from different genres and languages, making it a versatile platform for entertainment and learning.
One of the key features of Pocket FM is that it allows users to download content for offline listening, making it convenient for users who are traveling or have limited internet connectivity.
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