{
  "id": 8037640,
  "title": "SEBI Greenlights Kuku FM’s ₹3,500 Cr IPO",
  "url": "https://urgent.news/2026/09/17/sebi-greenlights-kuku-fms-3-500-cr-ipo",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-17T14:14:49.000Z",
  "source": {
    "name": "Inc42",
    "slug": "inc42",
    "url": "https://inc42.com/buzz/sebi-greenlights-kuku-fms-%e2%82%b93500-cr-ipo/"
  },
  "original_language": "en",
  "account": "India's securities regulator, the Securities and Exchange Board of India (SEBI), has approved the initial public offering (IPO) for Kuku FM, an audio over-the-top (OTT) startup. This decision came after Kuku Technologies submitted its draft IPO documents to SEBI for review. The regulator's observation letter, issued on September 11, indicates its approval for Kuku to proceed with its public offering.\n\nThe IPO size is anticipated to be between ₹2,500-3,500 Cr ($261-366 Mn), potentially valuing the company at ₹15,000 Cr ($1.8 Bn). The IPO will include both a fresh issue of shares and an offer-for-sale component. Kuku plans to utilize the raised capital for upgrading its technology, AI infrastructure, content production, and expanding its geographic presence.\n\nFounded in 2018 by Lal Chand Bisu, Vikas Goyal, and Vinod Meena, Kuku offers audiobooks, podcasts, and original audio shows through its Kuku FM brand, as well as microdrama platform Kuku TV and microlearning platform Guru. Their content library comprises over 20,000 titles in seven languages and various genres, including drama, finance, and well-being. Kuku claims to have more than 1 crore listeners and creators, with 400 million app downloads across its offerings.\n\nThe startup has raised over $156 Mn in funding from investors such as Fundamentum Partnership, Krafton, Vertex Ventures, IFC, and 3one4 Capital. In October 2025, Kuku closed a $85 Mn Series C funding round led by Granite Asia. The startup has also secured the endorsement of former Indian cricket team captain Mahendra Singh Dhoni, who serves as an investor and brand ambassador for Kuku TV.\n\nThe microdrama market is poised for growth, expected to reach $6.5 Bn by 2033 from its current value of $1.5 Bn. Kuku competes with players like Pocket FM, Flick TV, ReelSaga, Miniplix, as well as OTT giants like Amazon, JioHotstar, and Zee5 in this segment.",
  "summary": "Markets regulator SEBI has greenlit the proposed listing of audio OTT startup Kuku FM months after it filed its draft…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}