Kuku FM, a provider of audio content platform, has secured $25 million in a Series C funding round that was jointly led by the Fundamentum Partnership, which Nandan Nilekani founded, and the International Finance Corporation.
Vertex Ventures, which is backed by Temasek and recently closed its fifth fund at $541 million, also took part in the funding.
According to a statement, the Mumbai-based audio content platform will use the funds to boost the depth of its content throughout Indian languages and concentrate on technology.
“In our journey towards building a business model focused on the Bharat 2.0 segment and creating a sustainable business model with a clear path to profitability, the Fundamentum team’s insights and support have been invaluable. We are excited to welcome our new partner, International Finance Corporation,” said co-founder and CEO Lal Chand Bisu.
For all user segments in India, from the age range of 6 to 60+ years, Kuku FM offers content in more than 50 genres and seven different languages. Kuku FM is the fastest-growing provider of premium audio content in India, with more than 10 million downloads and 2 million+ paid subscribers.
“Kuku FM has created a niche category that caters to the unique and rapidly evolving demands of the new digital natives of India. Moreover, cofounder Lal Chand Bisu and team have demonstrated a great understanding in terms of creating a business model with a strong focus on unit economics and robust fundamentals,” said Prateek Jain, Principal, Fundamentum Partnership.
Google, Paramark, Krafton, 3one4 Capital, V Cube Ventures, India Quotient, and FounderBank Capital are some of the other backers of the audio platform.
“Our partnership with Kuku FM, a leading vernacular audio content platform, aligns with our shared gender and inclusion priorities and aims to empower underrepresented voices, especially those of women, fostering upward mobility and sustainable economic growth,” said Wendy Werner, IFC’s India country head.
About Kuku FM
Kuku FM is an audio content platform that creates, produce, market, and distribute exclusive premium audio content in the form of audiobooks, stories, summaries, courses and more categories via its mobile app and website.