Kuku FM raises $85 Mn from Granite Asia and others

Kuku FM, an audio and video content platform, has raised $85 million in its Series D funding round led by Granite Asia (formerly GGV Capital). The round includes both primary capital and secondary share sales. 

Existing investors Vertex Growth Fund, Krafton, IFC, Paramark, Tribe Capital India, and Bitkraft also participated in the financing round.

The new proceeds will be used to scale content creation, expand its creator base, strengthen platform technology, and reach more listeners across Bharat.

Kuku FM has raised $156 million to date, including a $25 million Series C round led by the International Finance Corporation (IFC) and Nandan Nilekani's Fundamentum Partnership in October 2023. The company was last valued at around $185 million. 

Founded in 2018 by Lal Chand Bisu, Vikas Goyal and Vinod Kumar Meena, Kuku FM makes money through paywalled subscriptions for its audio books to individuals and businesses. It offers a wide range of audio content spanning multiple genres such as business, self-help, personal finance, historical, religion, entertainment and fitness.

It provides content in multiple Indian languages such as audiobooks, stories, courses and podcasts targeting audiences in India and other markets.

As per TheKredible, Kuku FM’s revenue from operations surged 2.1x year-on-year to Rs 88 crore in FY24 from Rs 41 crore in FY23. The company reduced its losses by 18% to Rs 96 crore in FY24. It has yet to file its financial statements for FY25. 

Kuku FM currently competes with Pocket FM, Awaz, Headfone, and to some extent, Pratilipi. The micro-drama segment, however, is expected to become more competitive as several new players set to enter the space. Well known real-money gaming platforms such as WinZO and Zupee have announced plans to pivot toward micro-drama content.