Kuku FM’s FY24 Revenue Jumps 114% To INR 104 Cr

Mumbai-based vernacular audio platform Kuku FM saw its revenue increase by over 100% in the financial year ending March 31, 2024 (FY24). The startup reported an operating revenue of INR 88 Cr, a 114% higher than INR 41.1 Cr it had reported a year back. 

The startup generates revenue by charging users for the audio content on the platform. Kuku FM claims to have over 2.5 Mn paid users. Including other income, its total revenue stood at INR 104.1 Cr in FY24, almost a 2X jump from INR 48.8 Cr it reported in the previous fiscal year. 

Founded in 2018 by Lal Chand Bisu, Vikas Goyal, and Vinod Kumar Meena, Kuku FM offers audio content across genres such as audiobooks, personal finance, self-help, education, entertainment, news, mythology, spirituality and inspiration. It currently claims to host more than 150K hours of content in various formats on its platform.

While the startup’s income increased, it managed to bring down its losses. In FY24, the startup’s total loss stood at INR 96 Cr, 18% lower than INR 116.5 Cr it incurred in the last fiscal year. 

Where Did Kuku FM Spend?

The IFC-backed startup saw its expenditure increase by 21% to INR 200 Cr in FY24 as against INR 165.4 Cr it reported in the last fiscal year.

Advertising Expenditure: Being a content creating platform, the startup’s biggest expenditure was its advertising and marketing costs. In FY24 the startup reported a marketing expense of INR 102 Cr, a 7% increase from INR 95 Cr in the previous fiscal year.

Employe Benefit Expense: In FY24, the startup’s employee cost shot up to INR 48 Cr, a 37% higher from INR 34.8 Cr in the previous fiscal year.

Audio Content Creation Expenses: The startup’s audio content creation expenses rose by 41% to INR 16 Cr, from INR 11.2 Cr on the back of increase in audio content on the platform. 

The startup’s content is available in seven Indian languages, including English, Hindi, Marathi, Bengali, Tamil, Telugu, Kannada and Malayalam.

Last year, the startup bagged $25 Mn in its Series C funding round co led by the Fundamentum Partnership and International Finance Corporation (IFC), along with participation from Vertex Ventures. 

This round came almost a year after it bagged $21.9 Mn in its Series B1 funding led by the Fundamentum Partnership. The startup also counts Google, Paramark, KRAFTON, Inc., 3one4 Capital, V Cube Ventures, India Quotient and FounderBank Capital, among its investors.

In India, Kuku FM closely competes against the likes of Pocket FM.