Google-backed Kuku FM raises $25 million, plans to expand catalog
Google-backed Indian audio platform Kuku FM has raised $25 million in a Series C funding round led by Fundamentum Partnership, a venture capital firm founded by Indian billionaire Nandan Nilekani. International Finance Corporation, part of the World Bank, and Temasek-backed Vertex Ventures also participated in the round. The start-up, which offers over 150,000 hours of content in various genres and languages, has raised more than $60 million to date. Its other investors include 3one4 Capital and Krafton and Paramak.
Kuku FM's monthly subscription costs Rs. 99
Kuku FM is currently among India's largest audio platforms, providing users with a wide range of genres, including religion, personal finance, romance, and self-help. The content is available in seven Indian languages as well as English. The start-up does not show ads or provide complimentary content. It grants unlimited access to content and charges a monthly subscription fee of Rs. 99 or an annual fee of Rs. 999. The platform collaborates with over 30,000 content creators.
Kuku FM's plans for new funding
Kuku FM intends to use the new funding to broaden its catalog, with a particular focus on expanding its educational content. Lal Chand Bisu, co-founder and chief executive of Kuku FM, told TechCrunch that the start-up has more than doubled its revenue in the last year. The firm is currently headed to generate $15 million of annual revenue. It is looking to become profitable by the end of next year, he said.
Increasing demand for audio content in India
The consumption of audio content is on the rise in India, mainly due to the improved accessibility to affordable smartphones and internet. As more Indians join the online community, there is an increasing demand for content that meets their preferences and is available in their desired language. Amazon is also expanding its presence with Audible in India by collaborating with local production entities.
