Kuku FM has raised USD 5.5 Million in its Series A financing round led by Vertex Ventures with participation from existing investors Shunwei Capital, India Quotient, and 3one4 Capital.
The startup was co-founded by IIT Jodhpur alumni Lal Chand Bisu, Vikas Goyal, and Vinod Kumar Meena.
“I’ve always believed in the power of knowledge and education. Growing up in a small town of Rajasthan, I have experienced first-hand, the impact that easy access to quality content can have on a person. With Kuku FM, we are aiming to democratise audio content in languages that are close to the hearts of Indians. Words can move people, but when they are spoken to you in a language that you grew up with, they have the potential to inspire and transform. With the help of our investors, we’re simply harnessing this power to make a positive impact,” said Kuku FM CEO Bisu.
Over the past 1 year, the app has seen 10x user growth and has over 1.5 million downloads. According to Bisu, daily users spend an average of 53 minutes on the app every day, more than double that of the largest music streaming counterparts.
With this fresh round of funding, Kuku FM plans to widen the scope of its audience by increasing the number of languages on its platform. By the end of 2020, the team plans to venture into Telugu, Bengali, Marathi, and Gujarati. The team also plans to enhance their production and marketing support to the 3000+ existing creators on their platform, and onboard more talent this year.
“While a lot has rightfully been said about the opportunity in the content space in India, we have really not seen many companies vying for the share of ear of the Indian consumer. We believe that there is a fairly large opportunity in catering to the audio content needs of the regional language user, and Bisu, Vinod, and Vikas are building a platform that is well-positioned to be the market leader in the space. We are excited to partner and team along with Shunwei, 3one4 and IQ to support and be a part of the journey,” said Piyush Kharbanda, partner at Vertex Ventures.
The app houses a wide range of audio content, like audiobooks, book summaries, learning courses and stories.
“We continue to be highly impressed by the phenomenal growth and engagement metrics exhibited by Kuku FM and the continued interest they have received from the investor ecosystem. We’re looking forward to providing continued support to the team and help them accelerate their growth journey,” said Anurag Ramdasan, Principal - Investments, 3one4 Capital.