New Delhi, May 2 (IANS): Vernacular audio streaming platform Pocket FM on Tuesday announced that it has raised $16 million in debt funding from US-based Silicon Valley Bank (SVB) that went bankrupt and is now a division of First Citizens Bank.

The new funds will be utilised for expanding audio series library, augmenting creator community and accelerating revenue, Pocket FM said in a statement.

The platform clocked 12 times revenue growth last year, surpassing $25 million ARR (annualised revenue run-rate) in October 2022.

"The debt funding we have secured gives us the resources to continue expanding our content library and build the largest audio series platform globally. We are excited to build on this momentum and bring our listeners even more engaging content," said Rohan Nayak, Co-founder and CEO, Pocket FM.

Pocket FM has been witnessing strong adoption of audio series and growth in listening time, catering to an 80 million listeners community globally, with listeners spending an average of over 150 minutes daily.

"Its unique approach to audio entertainment and impressive unit economics shows significant revenue potential in a massive addressable market. We are excited to work with Pocket FM and support the company's continued growth and success as its banking partner," said Chris Cameron, senior vice president at SVB.

Founded in 2018, Pocket FM raised $93.5 million until Series C. With this new debt round, the total capital infusion has increased to $109.5 million.

Pocket FM was built to redefine the audio OTT space by pioneering the audio-series category.

Being the only long-form entertainment OTT in the audio landscape, it has emerged as the preferred digital audio destination for a refined and diverse storytelling experience with the audio-series format.