Mumbai-based Kuku FM has emerged as a frontrunner in the vernacular audio market and has lately reported a remarkable 114% increase in revenue for the financial year ending March 31, 2024 (FY24). Its operating revenue has soared to INR 88 crore and it is up from INR 41.1 crore a year before. The total revenue now has reached to INR 104.1 crore and this is nearly double from INR 48.8 crore in FY23.
Kuku FM was founded by Lal Chand Bisu, Vikas Goyal and Vinod Kumar Meena in 2018 and since then has effectively utilized the power of audio content to cater to the varying tastes as well as preferences of Indian audience. It offers an extensive library spanning audiobooks, personal finance, self-help, entertainment and spirituality. The platform has attracted more than 25 million paid users and the user base signifies a cultural shift towards audio consumption.
Kuku FM has also shown prudence in its financial management. Its total loss in FY24 is INR 96 crore and it is down from INR 116.5 crore the previous year. The increase in overall expenditure to INR 200 crore indicates a commitment to scaling operations and enhancing content offerings.
Its significant investments in advertising and marketing amounted to INR 102 crore. This highlights the importance of brand visibility in the crowded digital landscape. The content creation costs are also climbing by 41% to INR 16 crore. Kuku FM is clearly focused on expanding its library and improving quality.
The $25 million funding secured in its recent Series C funding round coupled with the previous $21.9 million in Series B1 highlights the confidence of investors in its vision as well as strategy. Some of the prominent investors are Google and KRAFTON Inc.
Kuku FM is navigating challenges of expansion and simultaneously standing as a testament to the evolving world of digital content consumption in India. Its focus on vernacular audio caters to a significant demographic and also paves the idea that entertainment as well as education can be accessible and engaging.
