Kuku FM Raises $85 Million in Series D Funding
Kuku FM, a prominent audio and video content platform, has secured $85 million in its Series D funding round, spearheaded by Granite Asia, previously known as GGV Capital. This funding round includes both new capital and sales of existing shares.
Notable existing investors such as Vertex Growth Fund, Krafton, IFC, Paramark, Tribe Capital India, and Bitkraft also participated in this investment round. The funds will be directed towards enhancing content creation, broadening its creator base, upgrading platform technology, and expanding its listener reach throughout Bharat.
To date, Kuku FM has raised a total of $156 million, including $25 million from its Series C round led by the International Finance Corporation (IFC) alongside Nandan Nilekani’s Fundamentum Partnership in October 2023. The last valuation of the company stood at approximately $185 million.
Founded in 2018 by Lal Chand Bisu, Vikas Goyal, and Vinod Kumar Meena, Kuku FM generates revenue through paywalled subscriptions for its audiobooks, catering to both individuals and businesses. The platform offers a diverse array of audio content across various genres, including business, self-help, personal finance, history, religion, entertainment, and fitness.
Kuku FM provides content in multiple Indian languages, featuring audiobooks, stories, courses, and podcasts aimed at audiences in India and beyond. According to several reports, Kuku FM’s operational revenue surged 2.1 times year-on-year, rising to Rs 88 crore in FY24 from Rs 41 crore in FY23. The company managed to decrease its losses by 18%, reducing them to Rs 96 crore in FY24. Financial statements for FY25 have not yet been submitted.
Currently, Kuku FM faces competition from Pocket FM, Awaz, Headfone, and to a lesser degree, Pratilipi. The micro-drama segment is anticipated to become increasingly competitive, with various new entrants expected in the market. Well-known real-money gaming platforms, including WinZO and Zupee, have revealed intentions to shift towards micro-drama content.