Kuku IPO Gets SEBI Nod; Company Targets ₹3,500 Crore Issue at ₹15,000 Crore Valuation
Kuku had confidentially filed its draft IPO papers with the regulator in June, seeking to raise between ₹2,500 crore and ₹3,500 crore and targeting a valuation of around ₹15,000 crore.
Digital entertainment startup Kuku Technologies, the parent company of audio storytelling platform Kuku FM and microdrama app Kuku TV, has received observations from the Securities and Exchange Board of India (SEBI) on its proposed initial public offering, allowing the company to move to the next stage of the IPO process.
SEBI issued its observation on September 11, 2026, according to its processing-status records. Kuku had confidentially filed its draft IPO papers with the regulator in June, seeking to raise between ₹2,500 crore and ₹3,500 crore and targeting a valuation of around ₹15,000 crore. The final issue size and valuation can change before the IPO.
The proposed issue is expected to include both a fresh issue of shares and an offer-for-sale (OFS) component by existing investors. The fresh capital is expected to support Kuku’s technology and AI infrastructure, content production and expansion, according to earlier reports on the company’s IPO plans.
Kuku will now file an updated draft red herring prospectus (UDRHP) with SEBI, which is expected within the next few weeks. The company is targeting a stock-market listing in the first half of 2027, according to a person familiar with the matter. Following the observation on its confidential filing, Kuku has an 18-month window to launch the IPO. The company will subsequently file its red herring prospectus with the Registrar of Companies before the issue opens for subscription.
Kuku had appointed Kotak Mahindra Capital Company, Jefferies India, JM Financial and Axis Capital as its IPO bankers, according to earlier reports.
Founded in 2018 by Lal Chand Bisu, Vikas Goyal and Vinod Kumar Meena, Kuku operates Kuku FM, Kuku TV and micro-learning platform Guru. Its products span audio stories, audiobooks, podcasts, original shows, microdramas and other short-form content across Indian languages.
The company has been expanding its use of artificial intelligence across content creation and its technology infrastructure. In its October 2025 funding round, Kuku said the capital would be used to strengthen AI and data infrastructure, attract technology and content talent, deepen creator partnerships and expand its operations in India and overseas.
Kuku’s business has also expanded significantly since its previous funding round. Revenue reportedly increased nearly sevenfold to more than ₹1,400 crore in FY26, from about ₹240 crore in FY25, while the company was approaching breakeven, according to people familiar with its financials. Kuku had reported a loss of ₹153 crore in FY25, according to Moneycontrol. These financial figures have been reported by media outlets based on sources familiar with the company and should not be treated as publicly filed FY26 financial results until those filings are available.
Kuku TV has also become a significant part of the company’s expansion into short-form entertainment. Moneycontrol reported that the microdrama platform had crossed 200 million downloads, as Kuku looks to build on the growing popularity of short, episodic video content in India.
The IPO follows Kuku’s $85 million Series C funding round led by Granite Asia in October 2025. The round included participation from Vertex Growth Fund, Krafton, IFC, Paramark, Tribe Capital India and Bitkraft. The company was reported to be valued at around $500 million to $550 million following the transaction, with the exact figure varying across reports.
Kuku’s proposed IPO would represent a substantial increase over its previous private-market valuation. It was valued at about $177 million in September 2023, before the October 2025 funding round.