VC Fund Investments
Audio-content platform KukuFM raises $20-M from Fundamentum, others
Mumbai-based audio content platform Kuku FM has raised fresh capital in an extended Series B funding round led by growth capital firm Fundamentum. Kuku FM will issue 100 equity and 7,59,401 Series B1 Compulsory Convertible Preference Shares (CCPS) at INR 2,205 per share to raise INR 167.47 crore (aggregating to USD 20 million). The company is estimated to have raised this round at a post-money valuation of USD 120 million. The Fundamental Partnership Fund spearheaded the new round with INR 76 crore while Paramark KB Fund and Krafton INC have invested INR 38.2 crore and INR 26.7 crore respectively. Vertex Ventures SEA and V Cube Ventures participated with INR 9.6 crore and INR 9.1 crore. Other VCs and individuals such as FBC fund, 3one4 Capital and Tonmoy Shingal contributed INR 7.87 crore. Founded by Lal Chand Bisu, Vinod Kumar Meena, and Vikas Goyal, KukuFM provides content creation tools to its users enabling them to create, develop and post content in Hindi, Marathi, Bengali, Tamil, and Gujarati. It claims to have crossed 1.5 million active paid subscriptions.
From the Venture Intelligence PE-VC Deal Database: In Mar-22, KukuFM had attracted USD 19.5 million in investment commitment led by South Korea’s gaming company Krafton. Of the INR 148.77 Cr is the investment commitment, INR 134.78 Cr was invested initially. Between Sep-18 and Mar-22, Kuku had attracted over USD 25 M from SWC Global Fund, Krafton, FounderBank Capital, 3ONE4 Capital, RB Investments, CapitalG, India Quotient, Verlinvest, Vertex and Shunwei Capital. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
Want to receive such news items in your inbox? Click Here to sign up for a trial.
