Kuku FM Raised investment from Fundamentum
Kuku FM, an audio platform started by Lal Chand Bisu and others in the year 2018, has raised $21.8 million of funding from Fundamentum. This changed into a series B1 funding spherical. Fundamentum is a corporation which is backed by Nandan Nilekani. Preceding Investors, KRAFTON, Inc, 3one4 Capital, Vertex, Verlinvest, and FounderBank Capital additionally participated in this round of investment
About Kuku FM
Kuku FM is an audio podcasting platform that creates and distributes content material. It has about 1.5 million subscribers. It facilitates human beings in growing and posting content on the platform and hence humans very own the rights to the content that they devise on the platform. It has more than 1.5K hours of content material in diverse codecs along with audiobooks, books, and so forth.
Utilization of investment
Kuku FM, India’s biggest audio platform, has decided to use the cash raised in this spherical to bolster the Content Eco System of Kuku FM and would try to provide greater language selections to listeners as it targets to gain over 10 million paid subscribers base via the stop of 2023. Kuku FM has raised the money 2nd time within the 12 months of 2022 and earlier than this, it raised $19.Five million of money from Krafton Inc with Google, Verlinvest, and others in March 2022.
“In its four-yr journey, Kuku FM has constructed a business with strong fundamentals, a strong monetization model, and a countrywide creator-listener network. Kuku FM’s virtual-first, tech-led method, with its attention at the ‘Bharat’ target audience, suits preferably into our funding cognizance,”. This was stated officially by means of the main at Fundamentum Partnership, Prateek Jain.
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“we’ve visible swiftly growing hobby for content material in regional languages in tier II and III cities, semi-urban and rural segments. We aim to keep building a sturdy and various author network that caters to this section of the Bharat target market,”. This was stated by the co-founder and CEO of Kuku FM, Lal Chand Bisu.
Kuku FM has released the offering in regional languages inclusive of Hindi, Marathi, Bengali, Tamil, Telugu, Kannada, and Malayalam and the platform is asking ahead to offering the content material in diverse other languages of India as well. This will create a varied audience using the platform and this would also help the platform in making extra cash.