Audio OTT soonicorn signals public market ambitions, but timeline remains uncertain
Amid the ongoing boom in Indian startup IPOs, audio OTT platform Kuku FM has emerged as the latest company reportedly exploring a public listing. According to a Bloomberg report, the startup’s parent entity, Mebigo Labs Pvt Ltd, has appointed Kotak Mahindra Capital, Axis Bank, and Morgan Stanley as bankers for a potential $200 Mn (approximately ₹1,820 Cr) initial public offering. While still in the exploratory phase, the move suggests that Kuku FM is beginning to lay the groundwork for a future debut on Indian stock exchanges.
Founded as a spoken-audio platform focused on podcasts, audiobooks, and knowledge-based content, Kuku FM has built a strong presence by tapping into India’s fast-growing appetite for regional-language and vernacular audio content. As smartphone penetration deepens across Tier II and Tier III cities, audio has emerged as a preferred content format—low-cost, accessible, and easy to consume on the go. Kuku FM’s growth strategy has been closely aligned with this shift, helping it scale its user base and content catalogue rapidly.
As per the report, the company plans to utilise the capital raised through the IPO to expand its content library, invest further in regional-language offerings, and strengthen its platform infrastructure. This focus highlights Kuku FM’s intent to deepen engagement rather than chase aggressive diversification, a strategy that could appeal to public market investors seeking clarity and sustainability.
However, despite the buzz, the IPO remains at an early and uncertain stage. Kuku FM has not yet taken the most basic step required for listing in India—converting from a private limited company into a public entity. Until this restructuring is completed, formal regulatory filings and a definitive timeline cannot be established. The startup has also declined to comment on media queries regarding the IPO, reinforcing the view that discussions are still preliminary.
Another key detail yet to be disclosed is the composition of the IPO. It remains unclear how much of the offering would be a fresh issue versus an offer for sale by existing investors. This information will be critical in assessing whether the listing is primarily aimed at growth capital or partial investor exits.
Kuku FM’s reported IPO plans come at a time when investor sentiment toward Indian startups has shown renewed optimism. Several tech and consumer internet companies are revisiting public market opportunities after a period of caution, encouraged by improved valuations and a stronger focus on profitability and operational discipline.
If Kuku FM proceeds with its IPO, it could become one of the few audio-first digital platforms from India to test public markets, offering investors exposure to a niche but rapidly evolving segment. For now, the development signals ambition rather than confirmation—but it clearly positions Kuku FM as a startup to watch as India’s IPO pipeline continues to expand.
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