SEBI approves Kuku Technologies' ₹3,500 Cr IPO plan

India's securities regulator, SEBI, has given the go-ahead for the proposed listing of audio OTT startup Kuku Technologies. The issuance of an observation letter last Friday signals that the company can proceed with its public offering.

The approval from SEBI paves the way for Kuku Technologies' IPO, which could be valued between ₹2,500-3,500 crore ($261-366 million). Sources suggest the company could be valued as high as ₹15,000 crore (approximately $1.8 billion). The IPO will comprise both a fresh issue of shares and an offer-for-sale component. Kuku Technologies plans to use the capital raised to upgrade its technology and AI infrastructure, boost content production, and fuel geographic expansion.

Founded in 2018, Kuku Technologies offers audiobooks, podcasts, and original audio shows through its Kuku FM brand. The company also operates the microdrama platform Kuku TV and the microlearning platform Guru. Its content library spans over 20,000 titles in seven languages across genres such as drama, finance, and well-being. Kuku Technologies claims to have over 1 crore listeners and creators on its platforms and a total of 400 million app downloads.

Kuku Technologies has raised over $156 million to date from investors including Fundamentum Partnership, Krafton, and Vertex Ventures. Its most recent $85 million Series C funding round in October 2025 was led by Granite Asia. Earlier this year, the company also brought on former Indian cricket captain Mahendra Singh Dhoni as an investor and brand ambassador for Kuku TV.

Driven by increasing smartphone penetration and affordable internet access, the market for microdramas is projected to grow from $1.5 billion to $6.5 billion by 2033. Kuku Technologies competes in this segment with players like Pocket FM, Amazon, and Zee5.