Google-Backed Kuku FM Raises $25M to Augment Audiobook Services in South Asia
Audio platform Kuku FM recently announced that it has raised $25 million in a Series C funding round.
The round was spearheaded by the Fundamentum Partnership, a venture backed by Indian billionaire and technologist Nandan Nilekani. Other participants in the round included the International Finance Corporation, a sector of the World Bank, and Vertex Ventures, supported by Temasek.
Understanding Kuku FM
Kuku FM offers an impressive array of over 150,000 hours of content. This content spans diverse genres such as personal finance, romance, religion, and self-help. It is available in six Indian languages and English. So far, this startup has raised over $60 million and has made significant strides in smaller Indian cities, towns, and villages, due to its relatable, local content. Uniquely, the platform neither displays advertisements nor offers free content. Instead, it charges a monthly or annual subscription fee for unlimited access to its content.
Exponential Revenue Growth
The startup has witnessed a more than twofold increase in its revenue over the last year and is aiming to be profitable by the end of next year. The rising popularity of audio content in India, facilitated by affordable smartphones and internet access, has led to the platform gaining a wider market share. Kuku FM works with over 30,000 professional content creators who provide their titles after a rigorous vetting process.
Investing in Expansion
The new funding will be channelled towards expanding its catalog, with a particular focus on educational content. This comes at a time when Amazon is also increasing its footprint in India with Audible, by partnering with local production entities to enrich its offerings.
The Future of Kuku FM
With this influx of funding, Kuku FM is well-positioned to expand its offerings and cater to the growing demand for audio content in India. By focusing on a subscription-based model and collaborating with professional content creators, the platform has been able to carve a unique niche in the market. The future looks promising for Kuku FM as it continues to grow and cement its position in the South Asian audio content market.
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