Audio content platform Kuku FM has raised $19.5 million in its Series B round led by South Korean gaming giant Krafton Inc.
The round also saw participation from its existing investors including 3one4 Capital, Vertex Ventures, and India Quotient. Founder Bank Capital and Verlinvest have also joined as new investors, as a part of the current round.
Kuku FM has secured a total of $25 million in equity funding since its inception in 2018, including this round.
According to the Mumbai-based company, it will use the funds to broaden its language offerings and consolidate its content creation strategy.
Founded by Vinod Kumar Meena, Lal Chand Bisu and Vikas Goyal, Kuku FM provides content creation tools to its users enabling them to create, develop and post content. It currently offers content in five languages including Hindi, Marathi, Bengali, Tamil, and Gujarati. Genres available on the platform include fiction and nonfiction audiobooks, self-help education titles, entertainment, news, mythology, spirituality, among others.
The podcast platform currently has over 30,000 creators on its platform with 50% of the overall content being exclusive to the platform.
Over the past year, Krafton has been maintaining its investment spree in several startups in the audio content and gaming space including Nautilus Mobile, Pratilipi, Nodwin, Pocket FM and game streaming platform Loco.