India’s popular audio content platform Kuku FM — operated by Mebigo Labs Pvt. Ltd. — has initiated preparations for a potential $200 million initial public offering (IPO), signalling a major step toward a public market listing. The company has appointed major investment banks to manage the IPO process, industry sources say.
This move comes as Kuku FM starts $200m IPO process, aiming to tap public market capital to accelerate growth and solidify its position in India’s rapidly expanding digital audio ecosystem.
📌 IPO Preparation and Banker Appointments
According to reports, Mebigo Labs has brought on board leading financial institutions to oversee its IPO, including:
- Kotak Mahindra Capital
- Axis Bank
- Morgan Stanley (India unit)
These banks will help structure the offering, engage with potential investors, and navigate regulatory approvals needed for the IPO. While final details — such as the share price band and exact fundraising amount — are still under discussion, the targeted size of up to $200 million sets the stage for a significant public debut.
🎧 About Kuku FM and Its Growth Story
Founded in 2018, Kuku FM has positioned itself as a leading audio storytelling and audiobook platform in India, offering a wide range of audio content, including:
- Audiobooks
- Short stories
- Educational content
- Spiritual and lifestyle content
The platform supports multiple Indian languages and has attracted millions of users, with reports suggesting over 10 million paying subscribers — a major achievement in India’s competitive audio content market.
The company’s growth has been backed by strong venture capital interest. In October 2025, Mebigo Labs raised $85 million in a funding round led by Granite Asia Capital, with participation from other global and India-focused investors.
📊 Why the IPO Matters
The decision to go public through a $200 million IPO reflects several strategic priorities:
🌍 Expand Content and Services
Funds raised are expected to deepen Kuku FM’s content library, particularly in regional languages, catering to India’s diverse audio audience.
📈 Capitalize on Market Growth
Audio streaming and digital content consumption in India have grown with increasing smartphone penetration, affordable data, and rising demand for vernacular content.
💼 Provide Liquidity for Investors
An IPO offers early investors and founders a path to realise part of their investment while attracting new capital for future expansion. NewsBytes
📈 Market Context: IPOs in India
Kuku FM’s planned public offering arrives amid a buoyant IPO market in India, with several tech-focused startups and digital platforms exploring public listings to harness investor appetite and fuel growth.
Analysts note that strong retail participation and stable institutional demand have made India’s primary markets attractive for tech and consumer digital firms contemplating IPOs.
