Kuku Technologies Ltd has submitted a confidential filing for an initial public offering (IPO), with plans to raise between ₹2,500 crore and ₹3,500 crore. This move positions the company to leverage the increasing investor interest in India's expanding micro-drama sector.
The IPO will include both a fresh issue of shares and an offer for sale. Funds from the primary issue are intended for investments in technology, AI infrastructure, content production, and geographic expansion.
Advisors for the offering include Kotak Mahindra Capital, Jefferies, JM Financial, and Axis Capital.
Operating the vernacular audio platform Kuku FM and the short-drama app Kuku TV, the company aims for a valuation of up to ₹15,000 crore (approximately $1.8 billion) upon its market debut later this financial year.
Market Dynamics
The filing occurs at a time when the appetite for short-form entertainment platforms is on the rise. Recent reports indicate that several micro-drama startups, such as Flick TV and Dashverse Reels, are seeking funding amid rapid user growth and improved monetization strategies.
The founder of Kuku, Lal Chand Bisu, has not commented on the IPO inquiries.
Financial Performance
Kuku FM previously raised $85 million in a Series C funding round in October 2025, achieving a valuation of $550 million. To date, the company has secured $156 million in funding.
With revenue surging nearly seven-fold to over ₹1,400 crore in FY26 from ₹240 crore the previous year, Kuku is nearing breakeven. The growth has been attributed to enhanced content production and customer acquisition strategies.
Content Strategy
Launched in late 2024, Kuku TV produces over 150 original shows monthly and has surpassed 200 million downloads. The platform is part of a market projected to grow at approximately 60% annually, driven by demand for Hindi and regional language content.
Kuku aims to replicate the success of China's micro-drama market, which has evolved into a $15 billion industry.
Subscriber Base
The company boasts over 10 million active paying subscribers and more than 400 million cumulative downloads across its portfolio, which includes the edutainment app Guru. Kuku has developed a content library exceeding 60,000 hours in various Indian languages and is preparing for international expansion, including potential entry into the US market.
Founded in 2018 by IIT alumni, Kuku has attracted investments from notable backers, including MS Dhoni and several venture capital firms.
