Synopsis
Audio platform Kuku has confidentially filed draft papers with Sebi for a Rs 3,500 crore IPO. The company aims for a Rs 15,000 crore valuation. Kuku expects a sevenfold revenue jump to Rs 1,400 crore in fiscal 2026. This move signals significant growth aspirations for the digital content provider.Listen to this article in summarized format
The company is targeting a valuation of around Rs 15,000 crore, according to one of the people cited above, compared with its last private market valuation of about Rs 4,500 crore. The final valuation and issue size, however, could change depending on market conditions.
The IPO will comprise a mix of a primary capital raise and an offer-for-sale by existing investors.
Kotak Mahindra Capital, Jefferies, JM Financial and Axis Capital are the institutions managing the issue.
How the money will be used
"The company is expected to deploy the fresh capital raised through the IPO towards strengthening its technology and artificial intelligence (AI) infrastructure, while also investing in content production and geographic expansion," the person said.
Kuku Tech recorded a sevenfold jump in revenue to around Rs 1,400 crore in fiscal year 2026, another person said. The company had reported operating revenue of Rs 241 crore in FY25.
"The company has been increasingly deploying AI across its operations, enabling faster content production, lower marketing costs and sharper personalisation, which has contributed to the acceleration in its financial performance," the person added.
Besides Kuku FM, the company also now runs Kuku TV, launched in 2024, where it releases shows in the popular microdrama format. The person said that Kuku TV is now the biggest contributor to the company’s business.
In October 2025, Kuku Tech had raised $85 million in a funding round led by Granite Asia (formerly GGV Capital), with participation from existing investors, including Vertex Growth Fund, Krafton, IFC, Paramark, Tribe Capital India and Bitkraft. It is also backed by cricketer MS Dhoni.
Kuku Tech declined to comment on the development.
On the road to profitability
Founded in 2018 by Lal Chand Bisu, Vinod Kumar and Vikas Goyal, the company has raised more than $150 million from private investors to date.
At the time of its last funding round, chief executive Bisu had told ET that the company had been operating at near-breakeven levels for the preceding two years and expected to turn profitable in FY26.
Kuku Tech competes with companies such as Lightspeed-backed Pocket FM, as well as short-form audio and video startups, including Flick TV, Eloelo, Chai Shots and ReelSaga.
Several digital platforms, including JioHotstar, Amazon, ShareChat and Zee Entertainment Enterprises, have also been tapping into India's growing appetite for micro-dramas.
The Mumbai-based company's IPO filing comes at a time when the broader markets remain volatile, even as a number of new-age companies push ahead with listing plans.
In April, business-to-business manufacturing startup Zetwerk confidentially filed its draft papers with Sebi. Pocket FM is also preparing to file for an IPO, while fintech companies Razorpay and Acko have appointed investment bankers for their public market debuts
