Pocket Fm Secures $16 Million In Debt Funding From Silicon Valley Bank

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