Audio content site Kuku FM has raised $21.8 million in a Series B1 round of funding led by Nandan Nilekani-backed Fundamentum Partnership.
Along with new investors Fundamentum and Paramark, existing investors KRAFTON, Inc, 3one4 Capital, Vertex, Verlinvest and FounderBank Capital also participated in Kuku FM’s second fundraising this year.
Earlier in the year, Kuku FM raised $19.5 million led by KRAFTON, Inc. with Google, Verlinvest and other investors participating.
Kuku FM marks Fundamentum’s first investment from the recently-launched second fund.
Founded in 2018 by Lal Chand Bisu, Vikas Goyal and Vinod Kumar Meena, Kuku FM claims to have 1.5 million+ paid subscribers. The platform has expanded its language offerings to include content in seven Indian languages.
The company aims to deploy the fund to expand its catalogue, strengthen its content creation ecosystem and offer more language choices to listeners. The company also aims to achieve a base of 10 million+ paid subscribers by end-2023.
Kuku FM co-founder and CEO Lal Chand Bisu said, “We have seen rapidly growing interest for content in regional languages in Tier II and III cities, semi-urban and rural segments. We aim to continue building a strong and diverse creator network that caters to this segment of the Bharat audience.”