Kuku files for Rs 3,500 crore IPO confidentially

MUMBAI: Digital entertainment startup Kuku Technologies has filed for IPO through the confidential route, said people aware of the matter. The company is seeking to raise up to Rs 3,500 crore ( up to $360 million) through a mix of fresh issue of shares and an offer for sale (OFS). The firm which is eyeing a listing sometime later this FY is targeting a valuation of up to Rs 15,000 crore ($1.8 billion). Kuku declined to comment.

The development comes amid the rise of the microdrama format and growing consumption of bite-sized mobile-first shows. Kuku TV, launched in late 2024, is now releasing more than 150 original shows a month and has crossed 200 million downloads. The Hindi and vernacular microdrama market in India is growing at roughly 60% annually and is widely seen as the next large content wave. In China, where the format originated, has already scaled to a $15-billion market, nearly three times the size of the traditional box office.

Across its portfolio, which also includes audio platform Kuku FM and edutainment app Guru, the company has over 10 million active paying subscribers and 400 million total app downloads. Founded in 2018 by Lal Chand Bisu, Vinod Kumar and Vikas Goyal, the startup has raised over $150 million from investors, including Fundamentum Partnership, Krafton, Vertex Ventures, Granite Asia, IFC, Paramark, India Quotient and 3one4 Capital.

Revenue at Kuku surged nearly seven-fold to over Rs 1,400 crore in FY26, from Rs 240 crore the year before, with the company claiming to be close to breakeven.