Kuku FM Files Confidential DRHP for ₹3,500 Cr IPO

Kuku FM IPO: Kuku Technologies, the company behind popular platforms Kuku FM and Kuku TV, is preparing to enter the Indian stock market. The startup has filed draft papers with SEBI for its proposed IPO, according to reports.

The company is looking to raise between ₹2,500 crore  to ₹3,500 crore and is seeking a valuation of around ₹15,000 crore. The public issue is expected to include a fresh issue of shares along with an offer for sale by existing shareholders.

A Timely Move Amid Growing Demand for Digital Entertainment

Kuku FM's IPO plans come at a time when mobile-first entertainment is seeing rapid growth in India. Short video series, commonly known as micro dramas, are attracting millions of viewers who prefer quick content on smartphones.

This shift in consumer behaviour has helped platforms like Kuku TV gain traction over the last two years. The company believes that the trend will continue as internet penetration and smartphone adoption increase across the country.

From Audio Stories to a Multi-Platform Business

Kuku began its journey in 2018 as an audio content platform offering stories, books, and educational content in Indian languages. Over time, the company expanded into video entertainment, learning products, and curated content platforms.

Its portfolio now includes Kuku FM, Kuku TV, Guru, Filmy, and FreeDrama. Together, these platforms have accumulated more than 400 million downloads and serve millions of paying subscribers.

The company says its content is available across several Indian languages, helping it reach audiences beyond major metropolitan cities.

Kuku FM Revenue Growth Draws Attention

One of the key reasons behind investor interest is Kuku's rapid financial growth. Reports indicate that revenue crossed ₹1,400 crore in FY26, compared to nearly ₹240 crore a year earlier.

While the company spent heavily on marketing and customer acquisition in previous years, it is now believed to be approaching breakeven. This improvement reflects better monetisation and increasing user engagement across its platforms.

AI-Powered Content Creation

Kuku FM has been investing aggressively in Artificial Intelligence to make content production faster and more efficient. The company uses AI tools for generating ideas, creating scripts, improving recommendations, and enhancing user engagement.

Earlier in 2026, Kuku launched a series of AI-assisted original shows across multiple genres. Management believes that AI can help reduce content production costs while allowing the platform to release a larger number of shows every month.

This technology-driven approach could become a key differentiator as competition in the digital entertainment industry intensifies.

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Planned Use of IPO Proceeds

The company is expected to use the fresh funds from the IPO to strengthen its technology infrastructure, expand AI capabilities, create original content, and support international expansion plans.

Kuku has already started exploring opportunities in overseas markets, including United States. The company is also broadening its entertainment offerings through film production and other digital content formats. Recently expanded into film production and debuted with its first Hindi feature film, Indian Institute of Zombies, which was released on May 15, 2026.

Kuku FM IPO is Backed by Leading Investors

Over the years, Kuku has attracted investments from several well-known venture capital firms and strategic investors. Its shareholder base includes Fundamentum, Granite Asia, Vertex Ventures, India Quotient, 3one4 Capital, Krafton, and IFC, among others.

Former Indian cricket captain Mahendra Singh Dhoni is also among the investors in the company. From all these investors, the company has raised a total $158 million.

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Bottom Line

Kuku Technologies' IPO filing highlights how India's digital entertainment sector continues to evolve. The company has transformed from an audio-content startup into a diversified entertainment platform serving millions of users.

With strong growth, expanding content offerings, and ambitious plans for AI and international markets, Kuku Fm is entering the public market at a crucial stage of its journey.