Kuku FM’s FY24 revenue grew 114% to Rs 104

The startup reported operating revenue of Rs 88, up 114% from the Rs 41.1 it reported a year ago.

In FY24, the startup posted a total loss of Rs 96, which is 18% lower than the Rs 116.5 it incurred in the last financial year.

The IFC-backed startup’s expenses increased 21% to Rs 200 in FY24 from the Rs 165.4 it reported in the last fiscal.

People’s audio platform from Mumbai Kuku FM In the financial year ended March 31, 2024 (FY24), revenue grew by more than 100%. The startup reported operating revenue of Rs 88, up 114% from the Rs 41.1 it reported a year ago.

The startup generates revenue by charging users for audio content on the platform. Kuku FM claims to have over 25 million paid users. Including other income, the company’s total revenue in FY24 stood at INR 104.1 Cr, which is almost double from the previous financial year when the company reported INR 48.8 Cr.

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

Although the startup’s revenues have increased, it has managed to reduce its losses. In FY24, the startup posted a total loss of Rs 96, which is 18% lower than the Rs 116.5 it incurred in the last financial year.

Where did Kuku FM spend?

The IFC-backed startup’s expenses increased 21% to Rs 200 in FY24 from the Rs 165.4 it reported in the last fiscal.

Advertising expenses: Being a content creation platform, the startup’s biggest expense was advertising and marketing costs. In FY24, the startup reported marketing expenses of Rs 102, up 7% from Rs 95 in the previous fiscal.

Employee benefits expenses: In FY24, the startup’s employee costs rose to Rs 48, up 37% from Rs 34.8 in the previous fiscal.

Costs for creating audio content: The startup’s audio content creation costs rose 41% to Rs 16 from Rs 11.2 on the back of an increase in 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 startup received $25 million in Series C funding round led by Fundamentum Partnership and International Finance Corporation (IFC) with the participation of Vertex Ventures.

This round took place almost a year after its completion. $21.9 million in Series B1 funding under the leadership of Fundamentum Partnership. The startup’s investors also include Google, Paramark, KRAFTON, Inc., 3one4 Capital, V Cube Ventures, India Quotient and FounderBank Capital.

In India, Kuku FM competes closely with companies like Pocket FM.