Kuku FM has raised $21.8 million in Series B1 funding round, led by The Fundamentum Partnership. Kuku FM marks Fundamentum’s first investment from the recently launched second fund. Along with new investors Fundamentum and Paramark, existing investors KRAFTON, Inc, 3one4 Capital, Vertex, Verlinvest and FounderBank Capital have also participated in this round. This is Kuku FM’s second fundraise this year. Earlier in the year, Kuku FM raised $19.5 million led by KRAFTON, Inc. with Google, Verlinvest and other investors participating.
Kuku FM will deploy the fund to expand its catalogue, strengthen its content creation ecosystem and offer more language choices to listeners, focusing on the ‘Bharat’ audience. Kuku FM aims to achieve a base of 10 million+ paid subscribers by the end of 2023.
Prateek Jain, Principal, Fundamentum Partnership, stated, “The India-digitization story has opened up opportunities across sectors. The content ecosystem has particularly benefitted from rapid growth in internet users. In its 4-year journey, Kuku FM has built a business with robust fundamentals, strong monetization model and a national creator-listener community. Kuku FM’s digital-first, tech-led approach, with its focus on the ‘Bharat’ audience fits ideally into our investment focus. We are excited to partner with Bisu and the team to make Kuku FM a household name.”