According to insiders, Kuku Technologies, a digital entertainment startup, has filed a confidential initial public offering (IPO) with the goal of raising up to Rs 3,500 crore ($360 million).
When it listings later in FY27, the business, which runs Indian language audio and short-video applications under the Kuku FM and Kuku TV names, respectively, hopes to be valued at much to Rs 15,000 crore ($1.8 billion). Kuku declined to comment.
The filing coincides with an increase in demand in India for micro dramas, which are two- to three-minute smartphone entertainment. Industry observers predict that Kuku's IPO will be a turning point for India's mobile-first consumer entertainment narrative, riding on a market with around a billion cellphones.

Both a new issuance and an offer-for-sale will be part of the IPO. The primary portion's proceeds are designated for content creation, global expansion, and infrastructure related to technology and artificial intelligence (AI).
Kuku's income in FY26 was Rs 1,400 crore, over seven times more than the previous year's Rs 240 crore. According to sources, the business is on the verge of breaking even, and AI tools allow it to create content more rapidly at reduced marketing expenses and with more precise personalisation.Both a new issuance and an offer-for-sale will be part of the IPO. The primary portion's proceeds are designated for content creation, global expansion, and infrastructure related to technology and artificial intelligence (AI).
Kuku's income in FY26 was Rs 1,400 crore, over seven times more than the previous year's Rs 240 crore. According to sources, the business is on the verge of breaking even, and AI tools allow it to create content more rapidly at reduced marketing expenses and with more precise personalisation.
Since its late 2024 start, Kuku TV has over 200 million downloads and distributes over 150 original shows per month. The Indian micro drama market is growing at 60 per cent annually and is widely seen as the next large content wave, according to industry sources.

The company has approximately 10 million active paying customers and 400 million total app downloads across its portfolio, which also includes the edutainment app Guru and the audio platform Kuku FM. It has accumulated more than 60,000 hours of content in seven or eight Indian languages and is preparing to enter developed markets, such as the US.
Three IIT alumni, Lal Chand Bisu, Vinod Kumar, and Vikas Goyal, established Kuku in 2018. Investors such as Fundamentum Partnership, Krafton, Vertex Ventures, Granite Asia, IFC, Paramark, India Quotient, and 3one4 Capital have contributed more than $150 million to the company. M S Dhoni, a cricket player, is another supporter.

The IPO's lead managers are Kotak Mahindra Capital, Jefferies, JM Financial, and Axis Capital.