Kuku FM raises $19.5 million in fresh funding led by Krafton Inc

The spherical additionally noticed participation from its present traders together with 3one4 Capital, Vertex Ventures, and India Quotient. Founder Financial institution Capital and Verlinvest have additionally joined as new traders, as part of the present spherical.

With the newest spherical of funding, Kuku FM has secured a complete of $25 million in fairness funding since its inception in 2018.

Based on the corporate, it is going to use the funds to broaden its language choices and consolidate its content material creation technique.

Kuku FM offers content material creation instruments to its customers enabling them to create, develop and submit content material. It at present presents content material in 5 languages together with Hindi, Marathi, Bengali, Tamil, and Gujarati. Genres out there on the platform embody fiction and nonfiction audiobooks, self-help schooling titles, leisure, information, mythology, spirituality, amongst others.

“Kuku FM is pioneering a brand new class for audio content material by bringing premium, distinctive, and immersive digital audio experiences to our customers. Now we have seen an unprecedented consumption of audio content material amongst customers in our nation with 70% customers coming from Tier 2 cities,” mentioned Lal Chand Bisu, cofounder and chief govt officer, Kuku FM.

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Bisu additionally added that Kuku FM is aiming to hit 10 million energetic paid customers by the top of 2022, and 50 million paid customers by 2025.

“We’re very excited to accomplice with Kuku FM and help them of their journey of constructing a powerful creator and listener ecosystem which continues to develop at an incredible tempo creating many distinctive native IPs. Right here at Krafton Inc, we strongly consider that Indian IPs and regional Indian languages content material development will unlock the subsequent massive monetization alternative not simply in India however even globally,” mentioned Sean Hyunil Sohn, head of India division at Krafton Inc.

Kuku FM at present has over 30,000 creators on its platform, with 50% of the general content material being unique to the platform, the corporate mentioned.