Kuku FM Revenue, Valuation, Funding & Investors
Kuku FM is valued at $550M as of October 2025, a 21.2x revenue multiple. Kuku FM revenue was $26M, as disclosed with its latest round.
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
3one4 Capital
Krafton
International Finance Corporation
India Quotient
Verlinvest
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
MumbaiWebsite
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 grown 2.9x from $191M at its Series B in March 2022 to $550M in October 2025, across 2 priced rounds.
Kuku FM valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Oct 2025 | Secondary | $550M | 21.2x |
| Mar 2022 | Series B | $191M | - |
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.
Kuku FM revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2025 | $26M | $550M | 21.2x | Secondary |
* 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 $71M across 5 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2026 | Undisclosed stage | Mahendra Singh Dhoni (lead) | - | - | - |
| Oct 2025 | Secondary | Granite Asia (lead); Vertex Ventures; Krafton; Tribe Capital; International Finance Corporation; Paramark Ventures; BITKRAFT Ventures | $35M | $550M | Kuku 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. |
| Sep 2023 | Series C | Fundamentum (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 2022 | Series B | Fundamentum (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 2022 | Series B | Krafton (lead); India Quotient; Vertex Ventures; Verlinvest; Founder Bank Capital; 3one4 Capital | $20M | $191M | 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 2020 | Series A | Vertex 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, 3one4 Capital, Krafton, International Finance Corporation, India Quotient and Verlinvest.
Lead investors include Mahendra Singh Dhoni, Granite Asia, Fundamentum, International Finance Corporation, Krafton and 1 other investor.
Kuku FM Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Singapore | 4 | Lead | Feb 2020 | |
 Bangalore | 3 | Lead | Mar 2022 | |
| India | 3 | Participant | Feb 2020 | |
| Bangalore | 2 | Participant | Feb 2020 | |
 Brussels | 2 | Participant | Mar 2022 | |
| Mumbai | 2 | Participant | Mar 2022 | |
| Bangalore | 2 | Lead | Aug 2022 | |
 Washington, DC | 2 | Lead | Sep 2023 | |
| South Korea | 2 | Participant | Aug 2022 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} FBC Partners |  Zurich | 1 | Participant | Aug 2022 |
| Los Angeles, CA | 1 | Participant | Aug 2022 | |
| Singapore | 1 | Participant | Aug 2022 | |
| Mahendra Singh Dhoni | Ranchi | 1 | Lead | Mar 2026 |
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Start Free TrialKuku FM Competitors
Kuku FM competitors include listed companies like Saregama India and WildBrain, and private ones like PPTV, Vidaa, Caffeine and Viu.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Shanghai | Private | $116M | - | $568M | 4.9x | |
| Atlanta, GA | Private | - | - | $583M | - | |
| San Francisco, CA | Private | - | - | $600M | - | |
 Hong Kong | Private | - | - | $611M | - | |
| India | Publicly listed | $100M | $36M | $1.1B | 9.4x | |
 Canada | Publicly listed | $176M | ($16M) | $196M | 1.0x |
Kuku FM Public Comps
Kuku FM is still privately-owned, but its public comps include Cover, HUYA, Zee Entertainment, Network18 Media & Investments, Bemobi, TVZone Media, Nine Entertainment, MNC Digital Entertainment, AMC Global Media and Stingray Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $313M | $34M | 1.7x | 1.7x | 16.1x | 8.7x | |||
| $977M | ($27M) | 0.1x | 0.1x | (3.6x) | 7.1x | |||
| $850M | $43M | 0.4x | 0.4x | 8.2x | 5.3x | |||
| $214M | $51M | 3.4x | - | 14.1x | - | |||
| $314M | $48M | 1.0x | 1.9x | 6.5x | 5.7x | |||
| $51M | $6M | 7.2x | - | 60.7x | - | |||
| $1.5B | ($275M) | 1.2x | 1.1x | (6.7x) | 6.1x | |||
| $211M | $71M | 1.6x | - | 4.7x | - | |||
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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 $71M across 5 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, 3one4 Capital, India Quotient, Verlinvest, Founder Bank Capital, Fundamentum, International Finance Corporation, Paramark Ventures, FBC Partners 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, Saregama India and WildBrain. |
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