Audio content platform Kuku FM has found a new fan, an investor in the form of South Korean Giant KRAFTON. On Thursday it announced raising $19.5 million in Series B funding led by the gaming giant.
With 30,000 creators, 50 percent of the content on Kuku FM is exclusive to the platform and only available on Kuku FM.
Founded in 2018 by former IITians and Toppr executives Lal Chand Bisu, Vinod Meena, and Vikas Goyal, Kuku FM is curated platform where users, most of whom hail from Tier II and III cities, create audio content in Hindi, English, Marathi, Gujarati, and Tamil, among other regional languages.
Lal Chand Bisu, Co-founder & CEO, Kuku FM commented “Kuku FM is pioneering a new category for audio content by bringing premium, unique, and immersive digital audio experiences to our users. We have seen an unprecedented consumption of audio content amongst users in our country with 70 percent users coming from Tier II cities. We are excited to witness the evolution of this genre.”
Kuku FM boasts 10 Million Paid Users, Targets 50M by 2025
“We have great synergy of vision with KRAFTON and are thrilled to have them onboard as an integral investing partner. With this momentum, we are confident about hitting 10 million active paid users by the end of this year and 50 million paid users by 2025,” Bisu added.
Kuku FM hosts 150,000 hours of content across audiobooks, stories, book summaries, courses, and podcasts on its platform, covering a wide range of genres from fiction and nonfiction audiobooks, self-help education titles, entertainment, news, mythology, spirituality, learning and inspirations, stories, poems, and even jingles.
The round had participation from its existing investors including 3one4 Capital, Vertex Ventures, and India Quotient, with Founder Bank Capital and Verlinvest joining as new investors.
With this latest round of funding, Kuku FM has secured a total of $25 million since its inception in 2018. It will use the funds raised through this investment to broaden its language offerings and consolidate content creation, fuelling its existing offerings.
