Kuku Technologies, the parent of audio storytelling platform Kuku FM and microdrama app Kuku TV, has received approval from the Securities and Exchange Board of India (Sebi) to proceed with its proposed initial public offering.
Kuku will now file an updated prospectus with Sebi in the next three weeks and is eyeing a listing by the first half of 2027, a person familiar with the matter said.
The company had confidentially filed draft papers with Sebi in June for an IPO of up to INR 3,500 crore, ET had reported. The issue is expected to comprise a fresh issue of shares and an offer for sale by existing investors. Kuku was targeting a valuation of around INR 15,000 crore, compared with its last private-market valuation of about INR 4,500 crore at the time of the filing. The final issue size and valuation could change depending on market conditions.
Kotak Mahindra Capital, Jefferies, JM Financial and Axis Capital are managing the issue. The company is expected to use the fresh capital to strengthen its technology and artificial intelligence infrastructure, content production and expansion into new markets.
Founded in 2018 by Lal Chand Bisu, Vikas Goyal and Vinod Kumar Meena, Kuku started with its audio platform Kuku FM and has since expanded into short-form vertical video through Kuku TV. The latter, launched in 2024, has emerged as the largest contributor to the company’s business, ET had reported. The company had more than 10 million paying subscribers as of last year.
Kuku has raised more than USD 150 million from private investors. In October 2025, it raised USD 85 million in a round led by Granite Asia, valuing the company at USD 550 million post-money. Of this, USD 50 million was primary capital and the remaining USD 35 million was secondary. Vertex Growth Fund, Krafton, International Finance Corporation, Paramark, Tribe Capital India and Bitkraft also participated. Cricketer MS Dhoni is also an investor.
The company’s operating revenue rose 175 per cent to INR 241.5 crore in FY25, while its net loss widened 59 per cent to INR 152.6 crore. ET reported in June that revenue had increased to around INR 1,400 crore in FY26 and the company was nearing operational breakeven.
Kuku has also been stepping up its microdrama operations ahead of the listing. It is building a 1,000-member AI-led content production unit in Mumbai, with close to 200 people hired as of earlier this month, as it looks to scale content production while lowering production costs.
