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Markets regulator SEBI has approved the proposed listing of audio OTT startup Kuku Technologies, issuing its observation letter on the company’s IPO documents last Friday. Kuku filed its confidential draft red herring prospectus with SEBI in June. According to sources, the IPO could range between INR 2,500-3,500 crore (USD 261-366 million) and could value the company at approximately INR 15,000 crore (about USD 1.8 billion).
The IPO will comprise a fresh issue of shares along with an offer-for-sale component. Kuku plans to use the proceeds to upgrade its technology and AI infrastructure, expand content production, and fund geographic expansion.
Founded in 2018 by Lal Chand Bisu, Vikas Goyal and Vinod Meena, Kuku offers audiobooks, podcasts and original audio shows through its Kuku FM brand, alongside microdrama platform Kuku TV and microlearning platform Guru. Its content library spans more than 20,000 titles across seven languages, with over 1 crore listeners and creators and 400 million app downloads across its portfolio.
Kuku has raised over USD 156 million to date from investors including Fundamentum Partnership, Krafton, Vertex Ventures, IFC and 3one4 Capital. Its most recent USD 85 million Series C round, led by Granite Asia, closed in October 2025. Earlier this year, the company onboarded former Indian cricket captain MS Dhoni as an investor and brand ambassador for Kuku TV.
India’s microdrama market is projected to grow to USD 6.5 billion by 2033 from USD 1.5 billion currently, with Kuku competing against Pocket FM, Flick TV, ReelSaga and Miniplix, as well as OTT majors including Amazon, JioHotstar and Zee5.
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