IPO · Consumer Internet & Media

Kuku Technologies gets SEBI nod for IPO

By Startup Enthusiast · 8 September 2026

What they do

Kuku Technologies runs audio storytelling app Kuku FM and microdrama platform Kuku TV

SEBI approved its confidential IPO filing; the company plans to raise Rs 2,500–3,500 crore

The IPO will test India's micro-drama market; Kuku TV is now the largest contributor to revenue

SEBI approved Kuku Technologies' confidential IPO filing.
The company filed its confidential draft red herring prospectus (DRHP) in June 2026.
SEBI issued its observation letter on 11 September 2026.
Kuku will file an updated draft red herring prospectus within three weeks.
The IPO size is between Rs 2,500 crore and Rs 3,500 crore.
The company targets a valuation of around Rs 15,000 crore (~$1.8 billion).
Kuku has 18 months from SEBI approval to bring the IPO to market.
It aims to list by the first half of 2027.

Kuku is one of the first major public-market tests of India's micro-drama thesis.
Its last private-market valuation at filing was about Rs 4,500 crore, far below the IPO target.
The company's FY25 operating revenue was Rs 241.5 crore (up 175%), but net loss widened 59% to Rs 152.6 crore.
Kuku is nearing operational breakeven in FY26, with projected revenue around Rs 1,400 crore.
Competitor Pocket FM (Tencent-backed) is targeting a $1.5B–$2B valuation.

Kuku Technologies runs three platforms: Kuku FM (audio storytelling), Kuku TV (microdrama), and Guru (learning app).
Kuku TV, launched in 2024, is now the largest contributor to the business.
Content includes audiobooks, podcasts, stories, courses, and educational content in multiple Indian languages.
The content library exceeds 60,000 hours across multiple Indian languages.
It has more than 20,000 titles across seven languages.
The company has over 10 million paying subscribers and cumulative downloads of over 400 million.
FY25 operating revenue was Rs 241.5 crore; net loss was Rs 152.6 crore.
Kuku is building a 1,000-member AI-led content production unit in Mumbai, with about 200 hired as of September 2026.

IPO proceeds will strengthen technology and AI infrastructure, content production, and expansion into new markets.
Kuku is building a 1,000-member AI-led content production unit in Mumbai.
It plans to produce more than 2,000 shows for Indian and international markets within six months.
The company targets more than 100 million users within six months.
It is laying groundwork for international expansion, including the US.
Kuku is developing a proprietary AI Storytelling Stack integrating AI across storytelling and production.