Kuku Technologies Moves Closer to Stock Market Debut
Kuku Technologies, the digital entertainment company behind audio storytelling platform Kuku FM and micro-drama app Kuku TV, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its proposed initial public offering.
The regulatory clearance marks an important step in the company's journey towards a public-market listing after it confidentially submitted its draft IPO documents to SEBI in June 2026. The proposed issue is expected to raise between ₹2,500 crore and ₹3,500 crore, according to reports.
The final IPO size, valuation, price band and other terms, however, remain subject to the company's subsequent filings and market conditions.
IPO to Include Fresh Issue and Offer for Sale
The proposed public offering is expected to contain two components — a fresh issue of shares by Kuku Technologies and an offer for sale (OFS) by existing shareholders.
Reports have indicated that Kuku was targeting a valuation of around ₹15,000 crore for the IPO. However, both the eventual valuation and issue size could change depending on market conditions closer to the launch.
Kotak Mahindra Capital, Jefferies, JM Financial and Axis Capital are managing the proposed issue.
What Happens After SEBI Approval?
SEBI's clearance does not mean that shares are immediately available for subscription.
Kuku Technologies is expected to file an updated prospectus with the regulator. The Economic Times reported, citing a person familiar with the matter, that the company plans to file the updated document within about three weeks and is targeting a listing in the first half of 2027. The listing timeline is therefore a reported plan rather than a confirmed IPO date.
Under the confidential filing route, detailed offer information does not become public at the initial draft stage in the same way as a conventional public DRHP filing. An updated offer document will provide investors with more information before the IPO proceeds further.
Where Could Kuku Use the Fresh Capital?
The fresh capital raised through the IPO is expected to support Kuku Technologies' technology and artificial-intelligence infrastructure, content production and expansion into new geographic markets, according to reports on the company's filing.
These investments are particularly relevant as the company expands beyond its original audio business and increases its presence in mobile-first short-form entertainment.
From Kuku FM to Kuku TV
Founded in 2018 by Lal Chand Bisu, Vinod Kumar Meena and Vikas Goyal, Kuku Technologies initially built its presence through Kuku FM, which offers audio storytelling and related content.
The company subsequently expanded into short-form vertical video with Kuku TV, launched in 2024. According to The Economic Times, Kuku TV has since become the biggest contributor to the company's business.
The broader portfolio also includes the edutainment platform Guru. Mint reported that Kuku's portfolio has more than 10 million active paying subscribers, more than 400 million cumulative downloads and a content library exceeding 60,000 hours across multiple Indian languages.
Kuku's Revenue Growth Ahead of IPO
Kuku's financial trajectory will be an important area for investors to examine when the updated offer documents become publicly available.
For FY25, the company reported operating revenue of ₹241.5 crore, an increase of 175%, while its net loss widened 59% to ₹152.6 crore, according to The Economic Times. The publication separately reported, based on people familiar with the company, that revenue increased to around ₹1,400 crore in FY26 and that Kuku was approaching operational breakeven.
Because the FY26 figures cited in current reports come from people familiar with the matter, investors will get a clearer picture once detailed financial disclosures appear in the updated IPO documents.
Kuku Has Raised More Than $150 Million Privately
Before moving towards the public markets, Kuku Technologies raised more than $150 million from private investors.
In October 2025, the company raised $85 million in a funding round led by Granite Asia. The round valued Kuku at about $550 million post-money, according to The Economic Times. Investors participating in the round included Vertex Growth Fund, Krafton, International Finance Corporation, Paramark, Tribe Capital India and Bitkraft. Indian cricketer MS Dhoni is also an investor in the company.
Why Kuku Technologies' IPO Matters
Kuku's proposed listing would bring a mobile-first digital entertainment business spanning audio storytelling, micro-dramas and edutainment to India's public markets.
Its expansion into short-form vertical video is particularly significant because micro-dramas — short episodic programmes designed primarily for smartphone consumption — have emerged as a growing segment of India's digital entertainment industry.
For prospective investors, the updated offer documents will be important because they should provide more definitive information about the IPO structure, financial performance, use of proceeds, shareholder selling plans and business risks.
Until those documents are released, the reported ₹2,500 crore-₹3,500 crore fundraising range and roughly ₹15,000 crore targeted valuation should be treated as proposed figures rather than final IPO terms.
