New Delhi: South Korean game developer and maker of widely popular Battlegrounds Mobile India (BGMI) has led the Series B funding worth $19.5 million in domestic audio content platform Kuku FM. The homegrown company has mentioned it would use the funds towards expansion and diversifying its content. Kuku FM currently has 6 million paid active users. With this round of funding, Kuku FM has got a total of $25 million since its inception in 2018.
“Kuku FM is pioneering a new category for audio content by bringing premium, unique, and immersive digital audio experiences to our users. We are confident about hitting 10 million active paid users by the end of this year and 50 million paid users by 2025," Lal Chand Bisu, Co-founder and CEO, Kuku FM, said in a statement.
Domestic audio content platform Kuku FM was founded by three IITians in 2018. Claimed to be the country's only platform that provides content creation tools to its users enabling them to create, develop and post content, Kuku FM has content in five regional languages, including Hindi, Bengali, Marathi, Tamil and Gujarati. The audio content platform hosts 150,000 hours of content across book summaries, audiobooks, stories, courses, and podcasts across genres that range from fiction and non-fiction audiobooks, mythology, spirituality, learning self-help education titles, entertainment, news, inspirations, stories, poems and jingles.
“We are very excited to partner with Kuku FM and support them in their journey of building a strong creator and listener ecosystem which continues to grow at an amazing pace creating many unique local IPs. Here at Krafton Inc., we strongly believe that Indian IPs and regional Indian languages content growth will unlock next big monetization opportunity not just in India but even globally in the long term and Kuku FM team is best placed to capture this opportunity in the audio category,” Sean Hyunil Sohn, Head of India Division at Krafton Inc. was quoted as saying.