Kuku FM Revenue, Valuation, Funding & Investors

Kuku FM is valued at $550M as of October 2025, a 21.2x multiple on its last reported $26M revenue.

Last Kuku FM valuation

$550M

Secondary · Oct 2025

Last Kuku FM funding round

Undisclosed stage

Amount undisclosed · Mar 2026

Kuku FM revenue

$26M

Secondary · Oct 2025

Key investors in Kuku FM

  • Vertex Ventures
  • Krafton
  • International Finance Corporation
  • 3one4 Capital
  • Paramark Ventures
  • Tribe Capital

Kuku FM Overview

About Kuku FM

Kuku FM is a Mumbai-based audio content platform producing audiobooks, stories, summaries, and courses across 50-plus genres in five-plus languages. Available on Android and iOS apps, it serves users from age six to over 60 in India since its founding in 2018.


Founded

2018

HQ

IndiaMumbai

Website

kukufm.com

Status

Privately held

Customer focus

B2C

Revenue model

Subscription

Revenue

$26M (Oct 2025)

Valuation

$550M (Oct 2025)

Kuku FM Valuation

Kuku FM is currently valued at $550M, based on its secondary sale in October 2025.

The $35M round was led by Granite Asia, with participation from Vertex Ventures, Krafton, Tribe Capital, International Finance Corporation, Paramark Ventures and 1 other investor.

Kuku FM's valuation has moved from $550M at its Series C in October 2025 to $550M in October 2025, across 2 priced rounds.

Kuku FM valuation by funding round

Revenue multiple
Kuku FM valuation by funding round
DateStageValuationRevenue Multiple
Oct 2025Secondary$550M21.2x
Oct 2025Series C$550M21.2x

Kuku FM Revenue

Kuku FM's latest recorded revenue is $26M, as of its secondary sale in October 2025. At a $550M valuation, that implies a 21.2x revenue multiple.

Revenue moved from $26M in October 2025 to $26M in October 2025, while the revenue multiple moved from 21.2x to 21.2x.

Kuku FM revenue by funding round

Kuku FM revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2025$26M$550M21.2xSecondary
Oct 2025$26M$550M21.2xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Kuku FM Funding History

Kuku FM has raised a total of $106M across 6 funding rounds, plus 1 secondary share sale.

Kuku FM's first fundraising round was a $6M Series A in February 2020. The most recent completed round was a undisclosed-stage round in March 2026.

Kuku FM funding rounds

Kuku FM funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2026Undisclosed stageMahendra Singh Dhoni (lead)---
Oct 2025SecondaryGranite Asia (lead); Vertex Ventures; Krafton; Tribe Capital; International Finance Corporation; Paramark Ventures; BITKRAFT Ventures$35M$550MKuku FM, an Indian vernacular audio and video storytelling platform founded in 2018 by Lal Chand Bisu, Vikas Goyal, and Vinod Kumar Meena, offers Kuku FM for audio content and Kuku TV for serialized microdramas in regional languages. The company serves over 10 million paying subscribers and operates in the booming micro-OTT sector driven by demand for short-format mobile-first content. On October 16, 2025, Kuku FM closed an $85 million Series C funding round led by Granite Asia, with participation from Vertex Growth Fund, Krafton, International Finance Corporation, Paramark, Tribe Capital India, and Bitkraft. The round included $50 million in primary capital and the remainder as secondary transactions, valuing the company at $550 million post-money. Some early investors, including Google, partially or fully exited via secondary sales. The funding will support expansion in AI and data infrastructure, regional language content, technology capabilities, creator collaborations with actors and TV personalities, user growth, and pan-India talent acquisition. Kuku FM previously raised $25 million in September 2023 from Fundamentum Partnership and IFC. The company has operated near breakeven since then and expects profitability in FY26. In 2025, Kuku FM achieved 134 million downloads, a 533% year-over-year increase, primarily from India, with Kuku TV accounting for over 60% of usage.
Oct 2025Series CGranite Asia (lead); Vertex Ventures; Krafton; Tribe Capital; International Finance Corporation; Paramark Ventures; BITKRAFT Ventures$35M$550MKuku FM is an audio and video content platform offering Kuku FM for audio stories and Kuku TV for serialized microdramas, founded in 2018 by Lal Chand Bisu, Vikas Goyal, and Vinod Kumar Meena. The company closed an $85 million funding round last month (around Oct 2025), led by Granite Asia, with participation from existing investors including Vertex Growth Fund, Krafton, IFC, Paramark, Tribe Capital India, and Bitkraft. The round valued Kuku FM at $550 million post-money, with $50 million in primary capital and the rest through secondary transactions. Kuku FM reported operating revenue of Rs 242 crore in FY25 (Apr 2024-Mar 2025), a 175% increase from Rs 87.9 crore in FY24, though net loss widened 59% to Rs 153 crore amid doubled total expenses to Rs 411 crore, driven by advertising and marketing spends tripling to Rs 284.8 crore. The platform has over 10 million paying subscribers, with 80% from non-metropolitan cities, 60% male and 40% female users aged 25-35, and high engagement at 100 minutes daily per user, with over 90% monthly active subscribers. Subscription plans include ₹199/month, ₹499/quarter (most popular), and ₹1,499/year. As of September 2025, Kuku FM apps had 229 million total downloads (122 million for Kuku FM, 88 million for Kuku TV) and over $4 million in consumer spending ($2.8 million from Kuku FM, $1.3 million from Kuku TV); in 2025 alone, 134 million downloads (533% YoY growth) and $1.9 million consumer spending (156% YoY). Kuku TV accounts for over 60% of usage. The company is IPO-bound, having appointed Kotak Mahindra Capital, Axis Bank, and Morgan Stanley for a potential $200 million public debut. It competes in mobile content wars against players like Pocket FM, showing strong growth in downloads and spending.
Sep 2023Series CFundamentum (lead); International Finance Corporation (lead); Vertex Ventures$25M-Kuku FM, an Indian audio content platform operated by Mebigo Labs Pvt Ltd and founded in 2018 by Lal Chand Bisu, Vikas Goyal, and Vinod Kumar Meena, provides audiobooks, stories, and podcasts in seven Indian languages including Hindi, Marathi, Bengali, Tamil, Telugu, Kannada, and Malayalam. The platform targets digital natives with original content, user-generated tools, and a subscription model charging 99 INR monthly or 999 INR annually, without ads or free content. It claims over 2.5-3 million paid subscribers and focuses on unit economics and content expansion. In September 2023, Kuku FM raised $25 million in a Series C round co-led by Fundamentum Partnership and International Finance Corporation (IFC), with participation from Vertex Ventures, bringing total funding to around $72.3 million. Previous rounds included a $21.9 million Series B in September 2022 led by Fundamentum and a $19.5 million round in March 2022 led by Krafton. Other investors include Google, 3one4 Capital, India Quotient, and FounderBank Capital. Funds are earmarked for strengthening content ecosystem, technology, and depth across Indian languages. At the time of the Series C, Kuku FM reported an annual recurring revenue (ARR) of $15 million and was on track for that figure, having more than doubled revenue in the prior year. For the fiscal year ending March 2024, it achieved ~Rs 49 crore topline (about $6 million USD), a 10X growth from the previous fiscal, though losses doubled to Rs 116 crore due to marketing spends. The company aims for profitability by end of next year post-round. Kuku FM competes in India's growing audio OTT market, creating a niche for working-class audiences with strong subscriber traction evidenced by anecdotes like fans recognizing founders. Investors like Fundamentum highlight its business model fundamentals amid funding winter resilience.
Aug 2022Series BFundamentum (lead); FBC Partners; V-CUBE; Krafton; Vertex Ventures Southeast Asia & India; Verlinvest; Founder Bank Capital; Tonmoy Shingal; V3 ventures; Apaksh Gupta; Paramark Ventures; 3one4 Capital$21M-Kuku FM is a Mumbai-based audio streaming and podcast platform focused on vernacular content for the 'Bharat' audience, offering regional language stories, podcasts, and audiobooks. It raised $21.8 million (or $21.9 million per some reports) in a Series B1 round around August-September 2022, led by Fundamentum Partnership with participation from Paramark Ventures and existing investors including KRAFTON Inc, 3one4 Capital, Vertex Ventures Southeast Asia & India, Verlinvest, and FounderBank Capital. This followed a $19.5 million Series B in March 2022 led by KRAFTON. The funds were intended to expand the regional language content catalogue, strengthen content creation, and grow paid subscribers from 1.5 million to over 10 million by end-2023. Fundamentum's Prateek Jain joined the board, marking their first investment from a $227 million second fund. The platform emphasized a robust monetization model and tech-led approach targeting non-metro listeners. Later rounds provide context: a Series C of $25 million in September 2023 co-led by Fundamentum and IFC at a post-money valuation of about $185 million, and a planned raise of $70-80 million led by Krafton at $500-550 million potential valuation (undated but post-Series C). A secondary sale occurred in October 2025. Kuku FM has raised approximately $70 million in equity by late 2023 from investors including Google, Paramark, V-Cube Ventures, and India Quotient, with founders holding about 20%, Fundamentum at 12.8%, Vertex at 11.1%, and Krafton at 10.2%.
Mar 2022Series BKrafton (lead); India Quotient; Vertex Ventures; Verlinvest; Founder Bank Capital; 3one4 Capital$20M-Kuku FM is an Indian audio streaming platform offering audiobooks, stories, and microdramas in multiple regional languages, founded in 2018 by Bisu, Vikas Goyal, and Vinod Kumar Meena. It raised $19.5 million in its Series B round in 2022 led by Krafton, with participation from investors including 3one4 Capital, Founder Bank Capital, India Quotient, and Vertex Ventures, as confirmed across multiple sources. This followed earlier funding and preceded a $25 million Series C in September 2023 co-led by Fundamentum Partnership and IFC at a post-money valuation of about $185 million. The company has raised approximately $70-72 million in equity prior to later rounds from a mix of domestic and global investors like Google, Paramark, V Cube Ventures, and others. Krafton, known for gaming titles like PUBG, has been expanding into Indian consumer content, maintaining a roughly 10.2% stake in Kuku FM as of recent cap tables. Founders hold about 20% collectively, with Fundamentum at 12.8% and Vertex at 11.1% as largest institutional shareholders. Later developments show growth to over 10 million paying subscribers by 2025, up from 2 million in 2023, with operations nearing breakeven post-2023 raise and profitability expected in FY26. Subsequent funding includes an $85 million round in 2025 led by Granite Asia (formerly GGV Capital) at $500-550 million post-money valuation, including primary and secondary capital, fueling AI infrastructure and expansion.
Feb 2020Series AVertex Ventures (lead); India Quotient; Shunwei Capital; 3one4 Capital$6M-Kuku FM, an online audio platform operated by Mebigo Labs Pvt. Ltd and founded in 2018, raised $5.5 million in its Series A funding round led by Vertex Ventures, with participation from existing investors Shunwei Capital, India Quotient, and 3one4 Capital. The round occurred in February 2020. The company plans to use the funds to expand its platform to additional languages including Telugu, Bengali, Marathi, and Gujarati, enhance production and marketing, and acquire more creative talent. Kuku FM offers content in themes such as education, entertainment, news, mythology, spirituality, stories, poems, and jingles, with over 3,000 content creators on the platform at the time. This Series A follows an undisclosed seed round from the same early investors.

Who has invested in Kuku FM?

20 investors have backed Kuku FM across its funding rounds, including Vertex Ventures, Krafton, International Finance Corporation, 3one4 Capital, Paramark Ventures and Tribe Capital.

Lead investors include Mahendra Singh Dhoni, Granite Asia, Fundamentum, International Finance Corporation, Krafton and 1 other investor.


Kuku FM Investors

Investors in Kuku FM by funding rounds participated
InvestorHQRoundsRoleFirst check
Vertex VenturesSingaporeSingapore5LeadFeb 2020
KraftonSouth KoreaBangalore4LeadMar 2022
International Finance CorporationUnited StatesWashington, DC3LeadSep 2023
Paramark VenturesSouth KoreaSouth Korea3ParticipantAug 2022
3one4 CapitalIndiaIndia3ParticipantFeb 2020
India QuotientIndiaBangalore2ParticipantFeb 2020
VerlinvestBelgiumBrussels2ParticipantMar 2022
Founder Bank CapitalIndiaMumbai2ParticipantMar 2022
Tribe CapitalUnited StatesSan Francisco, CA2ParticipantOct 2025
Granite AsiaSingaporeSingapore2LeadOct 2025
FundamentumIndiaBangalore2LeadAug 2022
BITKRAFT VenturesUnited StatesDenver, CO2ParticipantOct 2025
FBC PartnersSwitzerlandZurich1ParticipantAug 2022

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Kuku FM Competitors

Kuku FM competitors include listed companies like Viaplay and Saregama India, and private ones like PPTV, Vidaa, Caffeine and Viu.

Public and private companies comparable to Kuku FM
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
PPTVChinaShanghaiPrivate$116M-$568M4.9x
VidaaUnited StatesAtlanta, GAPrivate--$583M-
CaffeineUnited StatesSan Francisco, CAPrivate--$600M-
ViuHong KongHong KongPrivate--$611M-
ViaplaySwedenSwedenPublicly listed$1.8B($40M)$631M0.6x
Saregama IndiaIndiaIndiaPublicly listed$100M$36M$979M8.6x

Kuku FM Public Comps

Kuku FM is still privately-owned, but its public comps include AMC Global Media, HUYA, Viaplay, Bemobi, Cover, TVZone Media, Stingray Group, Zee Entertainment, Xunlei and SOOP.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
AMC Global Media$2.3B$1.2B0.8x0.8x1.5x4.4x
HUYA$970M($27M)0.1x0.1x(4.2x)11.3x
Viaplay$1.8B($40M)0.7x0.6x(29.5x)11.7x
Bemobi$330M$51M1.2x2.4x7.8x7.2x
Cover$317M$34M1.9x1.9x17.6x9.8x
TVZone Media$51M$6M7.3x-61.6x-
Stingray Group$328M$28M3.5x2.9x40.8x8.5x
Zee Entertainment$843M$43M0.6x0.6x12.5x8.9x

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Common questions about Kuku FM

When was Kuku FM founded?Kuku FM was founded in 2018.
Where is Kuku FM headquartered?Kuku FM is headquartered in Mumbai, India.
Is Kuku FM publicly listed?No, Kuku FM is a private, VC-backed company.
What is Kuku FM's valuation?Kuku FM was last valued at $550M in its secondary sale in October 2025.
How much funding has Kuku FM raised?Kuku FM has raised $106M across 6 funding rounds.
What was Kuku FM's last funding round?Kuku FM's last funding round was a undisclosed-stage round in March 2026, led by Mahendra Singh Dhoni.
Who are Kuku FM's investors?Kuku FM's investors include Vertex Ventures, Krafton, International Finance Corporation, Paramark Ventures, 3one4 Capital, India Quotient, Verlinvest, Founder Bank Capital, Tribe Capital, Granite Asia and 10 others.
What is Kuku FM's revenue?Kuku FM's latest recorded revenue is $26M (October 2025).
What is Kuku FM's revenue multiple?Kuku FM's latest valuation implies a 21.2x revenue multiple ($550M valuation on $26M of revenue).
Which companies are comparable to Kuku FM?Companies comparable to Kuku FM include PPTV, Vidaa, Caffeine, Viu, Viaplay and Saregama India.

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