Granite Asia (formerly GGV Capital) led the latest funding round for Kuku FM, an audio and video content platform, raising $85 million. The round comprises both primary capital and secondary share sales.

Key Highlights

• Kuku FM raises $85 million in latest round led by Granite Asia, including secondary share sales.
• The funds will be used to scale content, expand creators, enhance tech, and reach more listeners nationwide.

Existing investors Vertex Growth Fund, Krafton, IFC, Paramark, Tribe Capital India, and Bitkraft all took part in the financing round.

The new funds will be used to increase content creation, expand the creator base, strengthen platform technology, and reach more listeners across Bharat.

Kuku FM has raised $156 million in total, 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 approximately $185 million. 

Kuku FM, which was founded in 2018 by Lal Chand Bisu, Vikas Goyal, and Vinod Kumar Meena, generates revenue by charging businesses and individuals for paywalled subscriptions to its audio books. It provides a vast array of audio content in a variety of genres, including business, entertainment, religion, history, self-help, personal finance, and fitness.

It targets audiences in India and other markets by offering content in multiple Indian languages, including stories, audiobooks, courses, and podcasts.

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Kuku FM's operating revenue increased 2.1 times year over year to Rs 88 crore in FY24 from Rs 41 crore in FY23, according to TheKredible. In FY24, the company's losses decreased by 18% to Rs 96 crore. The business has not yet submitted its FY25 financial statements. 

To a certain degree, Kuku FM faces competition from Pocket FM, Awaz, Headfone, and Pratilipi.