Kuku FM IPO: Draft Red Herring Prospectus Filed for Rs 3500 Crore Offering

Kuku FM, an audio and video content platform, has confidentially submitted its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering valued at approximately Rs 3,500 crore. Reports indicate that the Bengaluru-based firm aims for a valuation near Rs 8,000 crore (around $930 million) through this public offering.

Details of the IPO Submission

The upcoming IPO is anticipated to include a combination of fresh shares and an offer-for-sale (OFS), though the specific structure remains undisclosed. Kuku FM has chosen Sebi’s confidential filing option, permitting the company to obtain regulatory insights before revealing detailed information concerning its finances, operations, and issue structure.

Company Background

Kuku FM was established in 2018 by Lal Chand Bisu, Vikas Goyal, and Vinod Kumar Meena. Initially focusing on audio content, the platform has offered audiobooks, podcasts, and storytelling materials. Over the years, the organisation has broadened its services to incorporate video content, aiming to boost user engagement and enhance monetisation strategies.

Funding and Valuation

The company has secured over $150 million in funding from various investors, including Fundamentum Partnership, Peak XV Partners, Vertex Ventures Southeast Asia & India, India Quotient, and 3one4 Capital. Recent assessments valued Kuku FM at around $500 million during its funding round in 2023.

IPO Management Team

To facilitate the proposed IPO, Kuku FM has appointed a team of financial advisors, including Kotak Mahindra Capital, Axis Capital, JM Financial, and Jefferies. This strategic move aligns with the trend of startups exploring IPO options, with several technology-focused firms selecting the confidential filing method to gauge investor interest and achieve greater flexibility regarding listing timelines.

Status of the Filing

Kuku FM has yet to release an official statement regarding the IPO filing. Inquiries directed to the company did not receive a response by the time of publication. The company also has not disclosed its financial results for FY26. However, for the fiscal year concluding in March 2025, Kuku FM reported a revenue of Rs 242 crore, while incurring a loss of Rs 153 crore during that same period.