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Kuku Technologies Files Confidential DRHP For Rs 3,500 Cr IPO At Rs 15,000 Cr Valuation

Kuku Technologies has confidentially filed draft papers with SEBI to raise up to Rs 3,500 crore through an initial public offering.

Jun 4
3 min read
Kuku Technologies Files Confidential DRHP For Rs 3,500 Cr IPO At Rs 15,000 Cr Valuation

Top Summary

  • What happened: Kuku Technologies has filed confidential draft IPO papers with SEBI to raise up to Rs 3,500 crore.
  • Why it matters: The media startup is seeking a valuation of up to Rs 15,000 crore ($1.8 billion) following massive revenue growth.
  • What changes: Capital from the public listing will fund advanced AI infrastructure, fresh content production, and global expansion.
  • Who is affected: Founders, prominent institutional backers, domestic investors, and the platform's 10 million paying subscribers.

Details of the Public Listing

Audio and video streaming giant Kuku Technologies has confidentially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering.

The parent company of Kuku FM and Kuku TV is looking to raise between Rs 2,500 crore and Rs 3,500 crore through this public market debut.

Targeting a valuation of up to Rs 15,000 crore ($1.8 billion), the IPO is scheduled for later this fiscal year and will include both a fresh issue and an offer-for-sale (OFS).

Strategic Allocation of Capital

The primary capital raised from the public market will be deployed across major growth verticals to scale operations.

According to sources, the company plans to target the following key areas with the fresh funds:

  • Strengthening existing technology and artificial intelligence (AI) infrastructure.
  • Funding domestic and international content production.
  • Supporting rapid geographic expansion into new regional markets.

Financial Scale and Institutional Backers

Founded in 2018 by IIT alumni Lal Chand Bisu, Vinod Kumar, and Vikas Goyal, the platform operates Kuku FM, short-video app Kuku TV, and edutainment platform Guru.

The startup has raised over $150 million from investors including Fundamentum Partnership, Krafton, Vertex Ventures, and former Indian cricket captain MS Dhoni.

Kuku's revenue grew nearly seven-fold to over Rs 1,400 crore in FY26 from Rs 240 crore in the previous fiscal, bringing the company close to its financial breakeven point.

Expanding Footprint and AI Integration

The strategic use of artificial intelligence has successfully helped the company accelerate original content production, refine personalized recommendations, and lower customer acquisition costs.

Furthermore, its mobile-first microdrama platform, Kuku TV, launched in late 2024, has emerged as a major growth engine with short episodes of two to three minutes.

"Kuku Technologies declined to comment on the development."

The digital media company now boasts a massive user footprint across regional markets:

  • Over 10 million active paying subscribers across its various platforms.
  • Cumulative app downloads surpassing 400 million.
  • A content library of more than 60,000 hours spanning several Indian languages.
  • Over 150 original microdrama shows released monthly on Kuku TV.

What to Watch Next

Market observers will watch for official updates from lead managers Kotak Mahindra Capital, Jefferies, JM Financial, and Axis Capital as the public listing progresses. Observers will also track Kuku's strategic expansion into international markets, including the United States. Additionally, the rapid adoption of its mobile-first microdrama format on Kuku TV will be a key performance indicator to watch.