SEBI clears Kuku FM’s proposed ₹2,500–3,500 crore IPO

Kuku Technologies, parent of Kuku FM, has received SEBI approval for a proposed IPO. Fresh capital is slated for technology and AI infrastructure, content production and geographic expansion as the platform broadens from audio into microdramas.

— Source publishedThu, 17 Sept, 2026, 19:44 IST·First seen Thu, 17 Sept, 2026, 19:53 IST·Source Inc42

What happened

SEBI has approved Kuku FM parent Kuku Technologies to proceed with a proposed ₹2,500-3,500 crore IPO. The audio and microdrama platform plans to use fresh

Key facts

  • ₹2,500-3,500 Cr proposed IPO size
  • ₹15,000 Cr potential valuation
  • 20,000+ content titles
  • 7 languages
  • 1 Cr+ listeners and creators

What changed

SEBI has approved Kuku FM parent Kuku Technologies to proceed with a proposed ₹2,500-3,500 crore IPO. The audio and microdrama platform plans to use fresh capital for technology, AI infrastructure, content production and geographic expansion.

Why this matters

SEBI approval materially advances Kuku FM’s ₹2,500–3,500 crore IPO, offering a public-market test of its ability to convert audio and microdrama growth into scalable monetization.

What to watch

  • DRHP/RHP filing details, including revenue growth, losses, paid subscribers, ARPU, churn and content-spend commitments.
  • Final IPO valuation, issue size and investor demand during anchor and institutional allocation.
  • Share of proceeds earmarked for AI infrastructure versus content production, marketing and international expansion.
  • Evidence that microdramas improve conversion and retention rather than merely increasing content costs.
  • Competitive actions from Pocket FM, Audible, OTT platforms, short-video apps and regional entertainment providers.

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