Key Points
- Kuku FM’s revenue rose 114% to INR 104.1 Cr in FY24.
- Total spending increased by 21% to INR 200 Cr.
- Losses dropped to INR 96 Cr, an 18% improvement from last year.
- Operating revenue hit INR 88 Cr, up from INR 41.1 Cr.
- The platform has over 25 million paid users and offers 150,000 hours of content.
Looma News
Kuku FM, based in Mumbai, showed impressive growth for the financial year ending March 31, 2024 (FY24). The company’s operating revenue jumped to INR 88 Cr, which is a 114% rise from INR 41.1 Cr the previous year. Total revenue, including other earnings, reached INR 104.1 Cr, nearly doubling from INR 48.8 Cr in FY23.
Founded in 2018 by Lal Chand Bisu, Vikas Goyal, and Vinod Kumar Meena, Kuku FM makes money by charging users for its audio content. The platform claims to have over 25 million paying users and provides content across many genres, such as audiobooks, personal finance, self-help, education, entertainment, and spirituality. It offers more than 150,000 hours of audio in seven Indian languages: Hindi, Marathi, Bengali, Tamil, Telugu, Kannada, and Malayalam.
Financial Performance
In FY24, Kuku FM’s total loss was INR 96 Cr, down 18% from INR 116.5 Cr in FY23. The company’s spending rose by 21% to INR 200 Cr, compared to INR 165.4 Cr the previous year. The biggest expenses were advertising and marketing, which totaled INR 102 Cr, a 7% increase from INR 95 Cr in FY23. Employee costs also went up significantly, climbing 37% to INR 48 Cr from INR 34.8 Cr.
Spending on creating audio content grew by 41% to INR 16 Cr, up from INR 11.2 Cr, due to more content being made available. Kuku FM recently raised $25 million in Series C funding, led by the Fundamentum Partnership and the International Finance Corporation (IFC), with past investments from major companies like Google and KRAFTON, Inc.
Kuku FM competes with other platforms, like Pocket FM, in India’s expanding market for audio content in local languages.
