Kuku FM has reportedly appointed four banks to anchor a potential IPO of up to ₹3,000 crore
The offer is expected to combine fresh shares with an OFS, though details remain under discussion
The company is likely to file its draft prospectus early next year and target a mid-2026 listing
Kuku FM Moves Closer to ₹3,000-Cr IPO, Lines Up Top Investment Banks
Kuku FM is moving closer to the public markets after shortlisting four investment banks to manage a potential IPO, according to a media report. The audio content platform is said to be targeting a fundraise of up to ₹3,000 crore via public issue
Kuku FM Moves Closer to ₹3,000-Cr IPO, Lines Up Top Investment Banks
Summary
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Audiobooks and storytelling platform Kuku FM has reportedly picked four bankers as much as ₹3,000 crore via an initial public offering (IPO), according to a report published by MoneyControl. These four bankers include Kotak, Jefferies, JM Financial, and Axis Bank.
The report stated that the IPO will consist of both a fresh issue of shares and an offer-for-sale (OFS) component. The start-up has still not finalised the exact split, valuation, timings, and other details of the IPO.
However, Kuku is expected to file its papers during the January-March quarter and is planning to list on Indian bourses by mid-2026.
Earlier, Bloomberg reported that the IPO proceeds would be used mainly to expand Kuku FM’s content catalogue and strengthen its regional-language offerings, a strategic focus as audio and vernacular consumption continue to grow rapidly across India.
The start-up has also been developing new products, including a short-form video platform, Kuku TV, and an in-house generative AI studio aimed at speeding up content creation.
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Kuku FM raised $85 million in a Series C funding round in October, led by Granite Asia, and counts 3one4 Capital, Fundamentum and India Quotient among its investors.
The platform says it has more than 10 million listeners and creators, although reports vary on exact user numbers, and management has highlighted subscriptions and creator-led content as its primary monetisation channels.
On the financial front, Mebigo Labs reduced its losses to about ₹96 crore in FY24 from ₹116.5 crore a year earlier, while operating revenue more than doubled to ₹88 crore. The company has also cut its workforce over the past year, reportedly laying off between 80 and 100 employees, as part of broader cost-control and restructuring measures ahead of a possible public listing.
The proposed IPO comes at a time of strong activity in India’s primary markets, with several consumer-tech and media companies considering listings to complement late-stage private funding.
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For audio and short-form content platforms, investors typically expect evidence of scalable revenue models and clear unit economics around content spending, benchmarks that are likely to be closely examined when roadshows begin.
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