Introduction:
The Google-backed audio content platform Kuku FM has raised $25 million in a fresh round of funding as it seeks to expand its South Asian market reach for its audiobook services.
The Series C funding in Kuku FM was led by Fundamentum Partnership, an organization affiliated with the World Bank and run by Indian software tycoon Nandan Nilekani. The five-year-old business, which also has backing from 3one4 Capital and Krafton, said that Temasek-backed Vertex Ventures took part in the latest round of funding.
An audio network called Kuku FM, which has garnered more than $60 million to date, offers more than 150,000 hours of material in categories including personal finance, romance, religion, and self-help. Kuku FM has made more inroads with listeners in smaller Indian cities, towns, and villages thanks to the content, which is offered in six Indian languages as well as English.
The startup allows customers to preview specific episodes of a series without displaying advertisements or providing free content. Instead, it offers a yearly subscription for 999 Indian rupees, granting users unrestricted access to its content, and a monthly subscription for 99 Indian rupees (approximately $1.2).
During an interview with TechCrunch, LalChand Bisu, who serves as the co-founder and CEO of Kuku FM, disclosed that the company’s revenue has surged by over two times in the past year. He further indicated that the company is presently positioned to reach an annual revenue milestone of $15 million. According to him, the company’s goal is to achieve profitability by the end of the forthcoming year.
Google-backed Indian Audio Platform Kuku FM:
Google-backed Indian Audio Platform Kuku FM (image Source: techcrunch.com)
In India, the consumption of audio content is becoming more and more popular as a result of the widespread accessibility to inexpensive smartphones and the Internet. There is an increasing need for information that appeals to their interests and is available in their preferred language as huge numbers of Indians join the online community.
With Audible, Amazon is extending its reach in India and collaborating with regional production companies to improve the platform’s offerings.
Due to its unlimited consumption approach, which does not charge customers for each piece of material, Kuku FM enjoys a larger market share. According to Bisu, the site works with more than 30,000 expert content authors who contribute their works. The startup uses a thorough vetting procedure to ensure quality.
According to a statement from Prateek Jain, a Principal of Fundamentum Partnership, “Kuku FM has created a niche category which caters to the unique and rapidly evolving demands of the new digital natives of India.” “In addition, Bisu and team have shown excellent understanding in terms of developing a business model with a strong emphasis on unit economics and solid fundamentals,” the report continued.
According to Bisu, Kuku FM intends to use the new cash to increase the variety of instructional content available in its inventory.
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