IPO · Consumer Internet & Media

Kuku Technologies files for ₹2,500-3,500 Cr IPO

What they do

Kuku runs Kuku FM, Kuku TV and Guru, offering audiobooks, microdramas and learning content in Hindi, English, Tamil and Bengali

It filed draft IPO papers confidentially with SEBI, aiming to raise ₹2,500-3,500 Cr through fresh shares and an offer-for-sale

Revenue jumped from ₹240 Cr in FY25 to ₹1,400 Cr in FY26, and the company is close to breakeven

Kuku Technologies, the parent company of Kuku FM and Kuku TV, has filed draft IPO papers confidentially with SEBI.
The IPO aims to raise between ₹2,500 Cr and ₹3,500 Cr.
The valuation target is up to ₹15,000 Cr ($1.56 Bn to $1.8 Bn).
The IPO includes a fresh issue of shares and an offer-for-sale component.
Fresh funds will be used for technology and AI infrastructure, content production, and geographic expansion.
Lead managers for the IPO are Kotak Mahindra Capital, Jefferies, JM Financial, and Axis Capital.
The IPO is planned before the end of the financial year 2026-27.

Kuku TV, launched in late 2024, has crossed 200 Mn downloads and releases 150+ original shows per month.
Revenue jumped from ₹240 Cr in FY25 to ₹1,400 Cr in FY26 – a nearly 7-fold increase.
The company is close to breakeven in FY26.
The Indian microdrama market is expected to grow from $1.5 Bn to $6.5 Bn by 2033.

Kuku operates three platforms: Kuku FM (audio), Kuku TV (short-video), and Guru (edutainment).
Content includes audiobooks, microdramas, finance, wellbeing, and learning-led formats.
Content is available in Hindi, English, Tamil, and Bengali.
Kuku FM has 400 Mn+ app downloads across Android and iOS.
Kuku TV has crossed 200 Mn downloads since its launch in late 2024.
The company has 10 Mn+ paying subscribers across its portfolio.
Its content library has 60,000+ hours of content.
It has an in-house GenAI studio for content production, multilingual translation, ad creation, sentiment analysis, and recommendations.

The company plans to use IPO funds for technology and AI infrastructure, content production, and geographic expansion.
It is exploring international markets, including the US.

Granite Asia (lead) — Led the Series C round of $85 Mn.
Fundamentum Partnership (participated) — Investor in Kuku Technologies.
Krafton (participated) — Investor in Kuku Technologies.
Vertex Ventures (participated) — Investor in Kuku Technologies.
IFC (participated) — Investor in Kuku Technologies.
Paramark Ventures (participated) — Investor in Kuku Technologies.
India Quotient (participated) — Investor in Kuku Technologies.
3one4 Capital (participated) — Investor in Kuku Technologies.
MS Dhoni (angel) — Invested in Kuku Technologies and is brand ambassador for Kuku TV.