Synopsis: Audio streaming app backed by a prominent cricketer files confidential draft papers with SEBI for a public issue worth up to Rs 3,500 crore, targeting technology expansion and global markets.
India’s audio content market is heating up as one of its fastest-growing platforms prepares to tap the capital markets. With revenues rising sharply and a user base expanding well beyond domestic borders, the company’s IPO move signals growing investor appetite for digital entertainment businesses in the country.
Kuku Targets Rs 3,500 Crore in Public Markets Debut
Audiobooks and podcast platform Kuku has filed confidential draft red herring prospectus (DRHP) papers with capital markets regulator SEBI for an initial public offering (IPO), PTI reported citing sources familiar with the development. The proposed issue is expected to raise between Rs 2,500 crore and Rs 3,500 crore. The offer is likely to be structured as a book-build issue and is anticipated in the second half of calendar year 2026.
The IPO will consist of a fresh equity component alongside an offer-for-sale (OFS) tranche, through which existing investors are expected to partially exit their positions. Kotak Mahindra Capital, Jefferies, JM Financial, and Axis Capital have been appointed as bankers to the issue. Since the papers were filed confidentially, detailed offer documents are not yet publicly available.
Kuku counts cricket legend Mahendra Singh Dhoni among its investors. Other notable backers include Fundamentum Partnership, Krafton, Vertex Ventures, Granite Asia, International Finance Corporation, Paramark Ventures, India Quotient, and 3one4 Capital – a roster that reflects broad institutional confidence in the platform.
The company operates across platforms including Kuku FM and Kuku TV, serving over 10 million active users and recording more than 200 million downloads as of the filing. For FY26, Kuku reported revenues of over Rs 1,400 crore, a more than six-fold jump from Rs 240 crore in FY25 – a growth rate that few consumer internet businesses in India have matched in a single year.
Fresh proceeds from the IPO are planned for investments in technology and AI infrastructure, original content production, and international market entry, with the United States identified as a key expansion geography. The company has deployed AI-powered tools to speed up content creation and improve recommendations for its listeners. India’s micro-drama and audio content market, which crossed $300 million last year, is projected to reach $1.5 billion by end-2026, according to venture fund Lumikai.
About the Company
Kuku is an Indian audio content platform operating Kuku FM and Kuku TV, offering audiobooks, podcasts, and short-form drama. With over 200 million downloads and more than 10 million active users, the company has raised over $150 million from global and domestic investors. It is now pursuing international expansion, starting with the United States.
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