KUKU (Mebigo Labs) IPO

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KUKU (Mebigo Labs) IPO details

To be announced
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About KUKU (Mebigo Labs)

About

Kuku, operated by parent company Mebigo Labs, is an Indian audio content platform (earlier branded as Kuku FM) focused on audiobooks, stories, and knowledge content in multiple Indian languages. Positioned as a vernacular audio OTT “soonicorn”, it targets the fast‑growing regional‑language user base across Tier‑2 and Tier‑3 cities, building a large subscription‑driven and freemium audience. The company has raised venture funding over the years, and by mid‑2025, its private‑market valuation was reported to be around 500 million dollars, reflecting strong traction and revenue growth, though this is distinct from any eventual IPO pricing.

IPO announcement and timing

Media reports indicate the company has begun IPO preparations by appointing bankers, but the coverage describes two parallel versions of the same overall plan. Moneycontrol reports Kuku has engaged Kotak, Jefferies, JM Financial and Axis Capital and is targeting a filing in the January–March 2026 quarter, with a tentative listing by mid-calendar 2026 if market conditions are supportive.

Separately, Bloomberg-referenced coverage (including Outlook Business and Inc42) says Mebigo Labs Pvt Ltd (described as the operator/parent entity of Kuku FM) has appointed Kotak Mahindra Capital, Axis Bank and Morgan Stanley (India) for a potential IPO, while noting the process is still early and the company has not yet completed conversion into a public entity, leaving the filing timeline uncertain.

Indicative valuation, size and structure

On size, Moneycontrol pegs the potential raise at up to ₹3,000 crore (~$330M) and says the IPO will likely include both a fresh issue and an OFS, though the exact split and valuation are not yet decided.
In the other set of reports, the expected IPO size is described as up to $200M (~₹1,820 crore), with the mix of fresh vs secondary and other terms still being finalised. For valuation context (not the IPO valuation), earlier funding coverage states Kuku FM closed an $85M round led by Granite Asia and cites a post-money valuation of around $550M.

Business performance and future plans

Kuku’s growth story in media coverage centres on the rapid expansion of its paid and free user base, driven by regional‑language content and a subscription‑first model in categories like self‑help, stories, and exam preparation. The company intends to use IPO proceeds primarily to deepen and diversify its content catalogue across Indian languages, strengthen technology, and invest in newer initiatives such as short‑form video under Kuku TV and an in‑house generative AI studio to accelerate content creation and personalise recommendations. Overall, the stated strategy is to cement its position as a leading audio and knowledge platform in India, monetising through subscriptions and allied formats while leveraging the broader shift to vernacular digital content.

Key Facts Table

Item

Detail

Company/brand

Kuku (earlier Kuku FM), operated by Mebigo Labs Pvt Ltd.​

Sector

Vernacular audio OTT platform focused on audiobooks, stories, and knowledge content.​

Indicative IPO size (base)

Around 200 million dollars, roughly ₹1,800–1,820 crore.​

Larger issue under evaluation

Up to about ₹3,000 crore (≈330 million dollars), subject to final structuring.​

Proposed structure

Mix of fresh issue and offer for sale, exact split yet to be decided.​

Tentative timeline

Working target of filing in Q1 (Jan–Mar) and aiming for a mid‑2026 listing, subject to approvals and markets.​

Recent private valuation

Around 500 million dollars in a mid‑2025 fundraise (separate from IPO pricing).​

Planned use of proceeds

Content expansion, regional‑language depth, product and tech investments, including Kuku TV and AI‑driven content tools.​

Media Coverage & Article Links