Kuku Technologies Gets SEBI Approval to Proceed with Proposed IPO of Up to ₹3,500 Crore
Bengaluru-based digital entertainment startup Kuku Technologies, the parent company of Kuku FM and Kuku TV, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its proposed initial public offering (IPO), taking the company a step closer to the public markets.
Kuku Technologies had confidentially submitted its draft IPO documents to SEBI in June 2026. The proposed issue is expected to raise up to ₹3,500 crore, although the final issue size and valuation may change depending on market conditions and the company’s final filings.
The IPO is expected to include a fresh issue of shares as well as an offer for sale (OFS) by existing shareholders. The company had been targeting a valuation of around ₹15,000 crore, compared with its previous private-market valuation of approximately ₹4,500 crore at the time of the IPO filing.
Following SEBI‘s approval, Kuku is expected to submit an updated Draft Red Herring Prospectus (UDRHP). The updated document will provide investors with publicly available details about the proposed offering. The company will subsequently file the Red Herring Prospectus with the Registrar of Companies once the IPO timeline is finalised. According to reports, Kuku has an 18-month window following the regulatory approval to launch the public issue.
From Audio Stories to Short-Form Video
Founded in 2018 by Lal Chand Bisu, Vikas Goyal and Vinod Kumar Meena, Kuku Technologies initially built its business around audio storytelling through Kuku FM. The company has since expanded into several content categories, including short-form video, micro-dramas and learning content.
Its Kuku TV platform, launched in 2024, focuses on short, mobile-first micro-drama content. According to Economic Times, Kuku TV has become the largest contributor to the company’s business, while Kuku FM continues to operate as its audio storytelling platform.
Kuku’s current portfolio also includes learning and advice-oriented products, reflecting its broader strategy of building a multi-format digital content ecosystem. The company’s official website says its platforms span micro-drama, edutainment, audiobooks and audio series.
Strong Revenue Growth
Kuku has reported significant growth in its business in recent years. Economic Times reported that the company’s operating revenue increased from ₹241.5 crore in FY25 to around ₹1,400 crore in FY26, representing substantial year-on-year growth. The company was also reported to be approaching operational break-even during FY26.
Earlier, Kuku had raised $85 million in October 2025 in a funding round led by Granite Asia, with participation from existing investors. The round valued the company at approximately $550 million post-money, according to Economic Times. Kuku has raised more than $150 million from private investors over the years.
AI Becomes a Key Part of Kuku’s Strategy
Artificial intelligence is also playing an increasingly important role in Kuku’s expansion strategy. The company is using AI across areas such as content creation, personalisation and product development.
The proposed IPO proceeds are expected to support investments in technology and AI infrastructure, content production and expansion into new markets.
The company is also expanding its AI-led content production capabilities. Economic Times reported that Kuku is building a 1,000-member AI-led content production unit in Mumbai, with around 200 people already hired as of early September 2026. The initiative is aimed at increasing the volume of content while reducing production costs.
Investment Banks Managing the IPO
Kuku Technologies has appointed Kotak Mahindra Capital, Jefferies, JM Financial and Axis Capital to advise on and manage the proposed IPO.
The company is reportedly targeting a potential listing in the first half of 2027, although the timing remains subject to the company’s filings, regulatory processes and market conditions.
The proposed listing would mark another important step in Kuku Technologies‘ evolution from a venture-backed digital content startup into a potential publicly listed technology and media company.
Note: The ₹3,500 crore figure is the reported proposed upper size of the IPO, not a confirmed final issue size. The final amount, valuation and IPO timetable may change when Kuku publishes its updated prospectus and subsequent filings.
