Quick Take
- Kuku Technologies files a confidential DRHP with SEBI, targeting Rs 3,500 Cr ($360 Mn).
- Kuku FM and Kuku TV platforms seek a Rs 15,000 Cr ($1.8 Bn) valuation at listing.
- FY26 revenue of Rs 1,400 Cr signals the IPO could list by early 2027.
In This Article
- What are the key details of the Kuku FM IPO?
- About Kuku Technologies
- What drove Kuku’s 7x revenue surge in FY26?
- How does Kuku FM compare to Pocket FM and rivals?
- What is next for Kuku Technologies?
The Kuku FM IPO is officially in motion: Kuku Technologies Ltd filed a confidential DRHP with SEBI on June 4, 2026, targeting up to Rs 3,500 Cr ($360 Mn) from public markets.
The DRHP (Draft Red Herring Prospectus) is filed privately, meaning SEBI (Securities and Exchange Board of India) reviews the document before it becomes public. Kuku Technologies operates audio platform Kuku FM, short-video app Kuku TV, and edutainment app Guru. The company seeks a valuation of up to Rs 15,000 Cr ($1.8 Bn) through an IPO (initial public offering) that will include both a fresh issue of shares and an OFS (offer-for-sale) by existing investors. Kuku Technologies declined to comment on the filing.
StartupFeed Insight
The Kuku FM IPO filing is the most consequential test of India’s vernacular content thesis so far. The company built Rs 1,400 Cr in revenue by doing one thing competitors avoided: it charged subscribers from day one instead of chasing ad money. That discipline now shows up as a near break-even operating position. Watch the OFS size when the public DRHP drops. If Granite Asia and 3one4 Capital retain most of their holdings through listing, the investor signal is bullish. If the OFS is large, expect the market to ask hard questions about growth-versus-profitability trade-offs. Expect the public DRHP to drop by Q3 FY27 at the latest. By StartupFeed Desk.
What Are the Key Details of the Kuku FM IPO?
| Metric | Detail | Notes |
|---|---|---|
| IPO Size | Rs 2,500 to Rs 3,500 Cr ($255 to $360 Mn) | Upper band of confidential filing |
| Target Valuation | Up to Rs 15,000 Cr ($1.8 Bn) | Roughly 3x the October 2025 Series C valuation of ~$500 Mn |
| IPO Structure | Fresh issue plus OFS | OFS allows existing investors to sell part of their holdings |
| SEBI Filing Type | Confidential DRHP | Document stays private until SEBI approves public disclosure |
| Expected Listing | H2 FY27 (October 2026 to March 2027) | Subject to SEBI review and market conditions |
| Book-Running Lead Managers | Jefferies, JM Financial, Kotak Mahindra Capital, Axis Capital | Four bankers appointed for the offering |
The OFS component confirms that some early investors plan to take partial gains at listing. Fresh issue proceeds are earmarked for AI (artificial intelligence) infrastructure, original content production, and geographic expansion, including a planned entry into the United States market.
About Kuku Technologies
Kuku Technologies Ltd runs Kuku FM, Kuku TV, and Guru from its Mumbai headquarters. Kuku FM is a subscription-based audio platform for audiobooks, podcasts, and original shows. Kuku TV, launched in late 2024, delivers mobile-first micro-dramas of two to three minutes each. The company was founded in 2018 by IIT (Indian Institute of Technology) alumni Lal Chand Bisu (CEO), Vinod Kumar Meena, and Vikas Goyal. It has raised over $157 Mn from Granite Asia, Krafton, IFC (International Finance Corporation), Fundamentum, and 3one4 Capital. Track the latest Funding and Deals on StartupFeed.
What Drove Kuku Technologies’ 7x Revenue Surge in FY26?
Kuku’s revenue grew to more than Rs 1,400 Cr in FY26, up from Rs 240 Cr in FY25, a jump of nearly 7x in a single year, according to sources familiar with the matter. The company applied AI tools to speed up content production, sharpen personalised recommendations, and cut CAC (customer acquisition cost). Its content library now spans 60,000-plus hours of programming across seven to eight Indian languages.
Kuku TV alone has crossed 200 million downloads and releases more than 150 original shows every month. India’s Hindi and vernacular micro-drama segment is growing at roughly 60 per cent annually, driven by rising smartphone access and short-form video habits. These two factors, a deep library and a booming format, gave Kuku the revenue run-rate to approach public markets. The company is near operational break-even. For how AI content platforms are reshaping India’s tech sector, see our coverage of AI and deep-tech startups.
“With this investment, we’ll bring celebrated actors and television personalities into our shows. This will build more and more shows that surpass 100 Mn views while delivering premium content to our audience.”
Lal Chand Bisu, CEO, Kuku FM, announcing the $85 Mn Series C round in October 2025.
How Does the Kuku FM IPO Compare to Pocket FM and Audio Rivals?
| Company | Platform | Valuation | Paying Subscribers | Total Raised |
|---|---|---|---|---|
| Kuku Technologies | Audio + micro-drama (IPO filing) | Rs 15,000 Cr target ($1.8 Bn) | 10 Mn+ (active, paying) | $157 Mn+ |
| Pocket FM | Audio series (private) | ~Rs 6,225 Cr ($750 Mn) | Not disclosed | $196 Mn+ |
Pocket FM, the closest Indian rival, is backed by Lightspeed Venture Partners and had crossed $150 Mn in ARR (annual recurring revenue) as of its last disclosed figures. Kuku’s Rs 15,000 Cr IPO target implies a revenue multiple of roughly 10x on FY26 performance. That premium rests heavily on Kuku TV’s micro-drama momentum, a format with strong traction but a limited public-market track record in India.
Audible (Amazon) competes in audiobooks but not in vernacular micro-dramas, leaving Kuku and Pocket FM as the two dominant Indian subscription-audio bets. Read how India’s top AI startups of 2026 are building the content-tech infrastructure that platforms like Kuku depend on, and our analysis of the 2026 global IPO wave and what it signals for Indian consumer-tech listings.
What Is Next for Kuku Technologies?
SEBI will review the confidential DRHP before Kuku makes the document public. Once SEBI clears the filing, Kuku Technologies will publish a public DRHP, open a book-building process, and set a price band. A listing between October 2026 and March 2027 is the current plan. The company is also laying the groundwork for US market entry, a growth story that public investors will likely price in at the time of listing.
Will a micro-drama platform born in India’s Tier-2 cities win paying subscribers in the United States the same way it did at home?
Frequently Asked Questions
What is the Kuku FM IPO and when will it list?
The Kuku FM IPO is the planned public listing of Kuku Technologies Ltd, parent company of Kuku FM, Kuku TV, and Guru. The company filed a confidential DRHP with SEBI on June 4, 2026, targeting a listing in H2 FY27 (October 2026 to March 2027). It seeks to raise up to Rs 3,500 Cr ($360 Mn) at a valuation of up to Rs 15,000 Cr ($1.8 Bn).
Who are the main investors backing Kuku Technologies?
Key investors include Granite Asia (formerly GGV Capital), which led the $85 Mn Series C in October 2025 at a $500 Mn valuation. Other backers include Krafton, IFC (part of the World Bank), Vertex Growth Fund, Fundamentum (Nandan Nilekani’s venture fund), 3one4 Capital, and Tribe Capital India. Cricketer M S Dhoni is also among the company’s investors. Google held a sub-2 per cent stake but exited via secondary transaction in the Series C round.
What will the fresh issue proceeds from the Kuku FM IPO be used for?
Proceeds from the fresh issue are earmarked for three areas: technology and AI infrastructure to scale content production, original content creation across Kuku FM and Kuku TV, and geographic expansion including a planned entry into the United States market. The OFS portion of the IPO will let existing investors partially exit their holdings.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. The analysis above is based on publicly available information and should not be the sole basis for any investment decision. Please consult a SEBI-registered financial advisor before making investment decisions.
