Audio content site Kuku FM Audio has raised $25 million in a Series C funding round, co-led by Nandan Nilekani-backed Fundamentum Partnership and the International Finance Corporation (IFC).
The funding round for Mebig Labs Private Limited, popularly known as Kuku FM, also saw participation from Vertex Ventures. Other investors in the firm include Google, Paramark, KRAFTON, Inc, 3one4 Capital, V Cube Ventures, India Quotient, and FounderBank Capital.
Founded in 2018 by Lal Chand Bisu, Vikas Goyal, and Vinod Kumar Meena, Kuku FM claims to have 2.5 million paid subscribers. The platform has expanded its language offerings to include content in seven Indian languages.
The company claims to have a library with 150,000+ hours of content, including audiobooks, stories, book summaries, courses, and podcasts, spanning genres like fiction and non-fiction audiobooks, personal finance, self-help, education, entertainment, news, mythology, spirituality, and more.
With the newly raised funding, Kuku FM aims to further strengthen its content ecosystem, increase the depth of content across Indian languages, and focus on technology.
The latest funding round comes exactly a year after Kuku FM raised $21.8 million in a Series B1 round of funding led by Fundamentum Partnership.
Earlier in 2022, it raised $19.5 million led by KRAFTON, Inc with Google, Verlinvest, and other investors participating.
In May, Gurugram-based global audio series platform Pocket FM secured $16 million in debt funding from US-based Silicon Valley Bank.
DealStreetAsia in May reported that World Bank Group member IFC had proposed an up to $10-million equity investment in Kuku FM.
Fundamentum invests in early growth (scale-up) stage Indian startups. Some of its portfolio companies include Spinny, PharmEasy, and Ayu Health.