SEBI Greenlights Kuku Technologies’ ₹3,500 Cr IPO
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Markets regulator SEBI has greenlit the proposed listing of audio OTT startup Kuku Technologies months after it filed its draft IPO documents confidentially.
As per its latest update, it had issued its observation letter for Kuku’s offer documents last Friday (September 11).
In SEBI parlance, the observation letter signals the regulator has given its go-ahead to a company to proceed with its public issue.
Kuku filed its confidential DRHP with the SEBI in June. As per sources, the IPO’s size could be in the range of ₹2,500-3,500 Cr ($261-366 Mn) and could potentially value it at ₹15,000 Cr (about $1.8 Bn).
The IPO will consist of a fresh issue of shares as well as an offer-for-sale component. Kuku plans to deploy the capital to upgrade its tech, AI infrastructure, content production and fuel geographic expansion.
Founded in 2018 by Lal Chand Bisu, Vikas Goyal and Vinod Meena, Kuku offers audiobooks, podcasts, and original audio shows via its Kuku FM brand, while also operating microdrama platform Kuku TV and microlearning platform Guru.
The startup’s content library spans more than 20,000 titles across seven languages and multiple genres including drama, finance, and well-being. It claims to have more than 1 Cr listeners and creators on its platform and 400 Mn app downloads across its portfolio.
Kuku has raised over $156 Mn to date from the likes of Fundamentum Partnership, Krafton, Vertex Ventures, IFC, 3one4 Capital, among others. Its most recent $85 Mn Series C funding round, in October 2025, was led by Granite Asia.
Earlier this year, it even roped in former Indian cricket team captain Mahendra Singh Dhoni as an investor and as the brand ambassador for Kuku TV.
Driven by increasing smart phone penetration and affordable internet access, the market for microdramas is expected to grow to $6.5 Bn by 2033 from $1.5 Bn currently. Kuku competes with the likes of Pocket FM, Flick TV, ReelSaga and Miniplix, as well as OTT majors like Amazon, JioHotstar and Zee5, in this segment.
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