Kuku FM Revenue Surges 114% To Rs 104 Cr In FY24
The startup's expenditures rose by 21 to Rs 200 crore in FY24, compared to Rs 165.4 crore in FY23
Mumbai-based vernacular audio platform Kuku FM reported revenue growth of 114 per cent for the financial year ending 31 March 2024, achieving an operating revenue of Rs 88 crore, up from Rs 41.1 crore in the previous year.
The startup primarily generates revenue by charging users for its audio content, boasting over 25 million paid subscribers. Including additional income, Kuku FM's total revenue for FY24 reached Rs 104.1 crore, nearly doubling from Rs 48.8 crore in the prior fiscal year.
Founded in 2018 by Lal Chand Bisu, Vikas Goyal, and Vinod Kumar Meena, Kuku FM provides a diverse range of audio content, including audiobooks, personal finance, self-help, education, entertainment, news, mythology, spirituality, and inspiration. The platform currently offers more than 150,000 hours of content in various formats.
The startup's expenditures rose by 21 to Rs 200 crore in FY24, compared to Rs 165.4 crore in FY23. As a content platform, Kuku FM's largest expense was on advertising and marketing, which amounted to Rs 102 crore in FY24—a 7 per cent increase from Rs 95 crore in the prior year. Employee benefits also saw a significant rise, reaching Rs 48 crore, up 37 per cent from Rs 34.8 crore in FY23. Expenses for creating audio content climbed by 41 per cent to Rs 16 crore, up from Rs 11.2 crore, reflecting an increase in the content volume available on the platform.
Last year, the startup secured USD 25 million in its Series C funding round, co-led by the Fundamentum Partnership and the International Finance Corporation (IFC), with participation from Vertex Ventures. This funding round followed a USD 21.9 million Series B1 round led by the Fundamentum Partnership.
