Kuku Technologies, the Bengaluru-based digital entertainment company operating Kuku FM and the fast-growing Kuku TV microdrama platform, has filed a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), targeting a public market raise of up to Rs 3,500 Cr at a listing valuation of up to Rs 15,000 Cr (approximately $1.8 billion), as publicly reported. The IPO is being managed by Kotak Mahindra Capital, Jefferies, JM Financial, and Axis Capital as lead managers, with no single lead investor publicly disclosed at this stage.
Quick Highlights
- Target IPO Raise: Up to Rs 3,500 Cr (~$360M)
- Target Listing Valuation: Up to Rs 15,000 Cr (~$1.8B)
- Founders: Lal Chand Bisu, Vinod Kumar, Vikas Goyal
- IPO Lead Managers: Kotak Mahindra Capital, Jefferies, JM Financial, Axis Capital
- Pre-IPO Shareholders: Fundamentum, Krafton, Vertex Ventures, Granite Asia, IFC, India Quotient, 3one4 Capital, Paramark, and cricketer MS Dhoni as an individual investor — a diverse institutional and marquee backer base
- Headquarters: Bengaluru, Karnataka, India
- Announcement Date: June 4, 2026
Funding Breakdown
Use of Funds
Proceeds from the IPO are intended to strengthen Kuku Technologies’ AI and technology infrastructure, fund ongoing content production, and support geographic expansion including into the United States. The offering will also include an Offer for Sale (OFS) component, allowing pre-IPO investors to partially exit their positions.
Funding Timeline
The confidential DRHP filing represents the company’s first step toward a public listing. Pre-IPO backers include a combination of institutional venture funds and strategic investors accumulated over prior private funding rounds. The IPO itself, if approved by SEBI and subsequently launched, is anticipated to hit public markets in FY27.
Expansion Plans
Kuku Technologies plans to scale its Kuku TV microdrama platform, which already produces more than 150 original shows per month and has crossed 200 million downloads. The company intends to build an AI-powered content pipeline to support this volume and accelerate international growth, with the United States identified as a priority expansion market.
Significance
Kuku Technologies’ revenue grew approximately 5.8 times in a single year — from Rs 240 Cr in FY25 to Rs 1,400 Cr in FY26 — placing it near breakeven at the time of filing, a profile that sets it apart from many loss-heavy pre-IPO tech companies. The confidential DRHP route, which mirrors the playbook adopted by several Indian tech unicorns, allows the company to test regulatory waters before committing to a public timeline. Kuku TV’s mobile-first microdrama format — short-form vertical video targeting Tier 2 and Tier 3 Indian audiences — has emerged as one of the most watched growth vectors in domestic digital entertainment, and a successful listing could establish Kuku as the defining benchmark for India-first OTT IPOs. However, it should be noted that reported figures across sources show some variation in the fresh issue size, and final terms will be determined upon public filing.
These details have been drawn from multiple publicly available reports as of June 4, 2026. The event’s status across sources carries some conflicting figures on the upper bound of the fresh issue, and the filing could not be independently confirmed by The Courtroom at the time of publication.
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Disclaimer: This report is compiled from publicly available sources and is for informational purposes only; funding figures are as publicly reported and may be subject to change.
