IPO
OTT platform Kuku files confidential draft papers to raise Rs.3,500-Cr
Mumbai-based OTT (Over-the-Top) company Kuku has filed its draft red herring prospectus (DRHP) through the confidential route to raise between INR 2500 crore and INR 3500 crore ($261-M and $366-M) via an initial public offering (IPO). The company is targeting a valuation of INR 15,000 crore ($1.8-B). The transaction will include a fresh issue of shares and an offer-for-sale component. Kotak Mahindra Capital, Jefferies, JM Financial, and Axis Capital have been onboarded as lead managers for the IPO.Founded in 2018 by Lal Chand Bisu, Vikas Goyal, and Vinod Meena, Kuku operates vernacular audio and short-video applications under the brands Kuku FM and Kuku TV, alongside a microlearning platform called Guru.The company intends to use the fresh capital to improve its technology and AI infrastructure, expand content production, and support geographic expansion. The firm recently reached a revenue of INR 1,400 crore in FY26, a 5.8X increase from the previous fiscal year.
Between Sep 2018 and Mar 2026, Kuku FM had attracted about $157 M from MS Dhoni Family Office, Bitkraft, Granite Asia, IFC, Krafton, Paramark Ventures, Tribe Capital, Vertex, Fundamentum, 3ONE4 Capital, FounderBank Capital, KB Investment, Shunwe Capital, India Quotient, and others.For FY25, Kuku FM had reported about INR 241 Cr in Operating Income and about INR 152 Cr in Net Loss.
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