The startup reported an operating revenue of INR 88 Cr, which was 114% higher than the INR 41.1 Cr reported a year ago.

In FY24, the startup’s total loss stood at INR 96 Cr, which was 18% lower than the INR 116.5 Cr it incurred in the last fiscal.

The IFC-backed startup saw its expenses increase by 21% to INR 200 Cr in FY24, compared to INR 165.4 Cr reported in the last financial year.

Vernacular audio platform based in Mumbai Kuku FM saw its revenue increase by more than 100% in the financial year ending March 31, 2024 (FY24). The startup reported an operating revenue of INR 88 Cr, which was 114% higher than the INR 41.1 Cr reported a year ago.

The startup generates revenue by charging users for audio content on the platform. Kuku FM claims over 25 million paying users. Including other income, its total revenue stood at INR 104.1 Cr in FY24, almost 2 times higher than the INR 48.8 Cr reported in FY24. previous.

Founded in 2018 by Lal Chand Bisu, Vikas Goyal and Vinod Kumar Meena, Kuku FM offers audio content in genres such as audiobooks, personal finance, self-help, education, entertainment, news, mythology, spirituality and inspiration. It currently claims to host over 150,000 hours of content in various formats on its platform.

As the startup’s revenue grew, it managed to cut its losses. In FY24, the startup’s total loss stood at INR 96 Cr, which was 18% lower than the INR 116.5 Cr it incurred in the last fiscal.

Where did Kuku FM spend?

The IFC-backed startup saw its expenses increase by 21% to INR 200 Cr in FY24, compared to INR 165.4 Cr reported in the last financial year.

Advertising expenses: As a content creation platform, the startup’s biggest expense was its advertising and marketing costs. In FY24, the startup reported marketing expenses of INR 102 Cr, an increase of 7% from INR 95 Cr in the previous fiscal year.

Benefits expenses: In FY24, the startup’s salary costs jumped to INR 48 Cr, 37% higher than the previous FY’s INR 34.8 Cr.

Audio content creation fees: The startup’s audio content creation spend increased 41% to INR 16 Cr from INR 11.2 Cr on the back of increased audio content on the platform.

The startup’s content is available in seven Indian languages, including Hindi, Marathi, Bengali, Tamil, Telugu, Kannada and Malayalam.

Last year, the startup raised $25 million in its Series C funding round co-led by Fundamentum Partnership and the International Finance Corporation (IFC), with participation from Vertex Ventures.

This cycle took place almost a year after its completion $21.9 million in its Series B1 funding led by the Fundamentum Partnership. The startup also counts Google, Paramark, KRAFTON, Inc., 3one4 Capital, V Cube Ventures, India Quotient and FounderBank Capital among its investors.

In India, Kuku FM competes closely with Pocket FM.