International Finance Corporation Backs up Kuku FM by Funneling $25 Million

According to media reports, audio content platform Kuku FM has successfully raised $25 million in a recent funding round, with the goal of further establishing its audiobook offerings in the South Asian market. This round of funding was led by billionaire Nandan Nilekani's Fundamentum Partnership and the International Finance Corporation, a World Bank Group member.

Kuku FM, the brainchild of Lal Chand Bisu, operates an eponymous audio platform with a library of over 1.5 lakh hours of content. Personal finance, romance, religion, and self-help are among the genres represented. Notably, it is available in six regional languages in addition to English, ensuring a tailored approach that appeals to a wide range of people across the country.

The startup's distinct approach foregoes advertisements and complimentary content in favour of allowing users to sample portions of episodes within a series. Subscriptions cost Rs 99 per month or Rs 999 per year and provide users with unlimited access to the platform's content.

Kuku FM's CEO, Lal Chand Bisu, emphasised the company's financial growth, revealing that revenue has more than doubled in the last year. The platform is currently on track to generate $15 million in annual revenue, with the goal of becoming profitable by the end of the next year.