Late-night work on Kuku FM's IPO in a financial office.
Audio OTT startup Kuku FM has taken a significant step towards its public market debut by filing its Draft Red Herring Prospectus (DRHP) through the confidential route. The company aims to raise between ₹2,500 crore and ₹3,500 crore (approximately $261 million to $366 million) through its Initial Public Offering (IPO).
Sources indicate that Kuku FM is targeting a valuation of up to ₹15,000 crore (about $1.8 billion) for this listing. The proposed IPO is expected to include both a fresh issue of shares and an offer-for-sale component. The capital raised from the fresh issuance is anticipated to be allocated towards enhancing the company’s technology and AI infrastructure, bolstering content production, and facilitating geographic expansion.
The startup reported a substantial increase in revenue, reaching ₹1,400 crore in Fiscal Year 2026, a more than five-fold jump from ₹240 crore in the preceding fiscal year. It is also reported to be nearing the breakeven point, having been close to profitability in the last fiscal year.
Kuku FM has appointed Kotak Mahindra Capital, Jefferies, JM Financial, and Axis Capital as the lead managers for its IPO. Founded in 2018, the company operates vernacular audio and short-video applications under the Kuku FM and Kuku TV brands, respectively. To date, Kuku FM has secured $156 million in funding from investors including Fundamentum Partnership, Krafton, Vertex Ventures, IFC, and 3one4 Capital. Most recently, the company brought on board former Indian cricket team captain Mahendra Singh Dhoni as both an investor and the brand ambassador for Kuku TV.
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