KukuFM, India’s subscription based digital audio platform, announced its USD 19.5 mn Series B fund raise led by South Korea’s Krafton yesterday. A&W Capital, an investment advisory firm focusing on the sports, gaming and digital media sectors, acted as the exclusive financial advisor to KukuFM on this marquee transaction, a statement said.
The proceeds from the current round would be utilised to broaden its language offerings and enable creation of quality audio content at scale, the statement said.
Speaking on the transaction Lal Chand Bisu, Co-founder and CEO of Kuku FM said, “We are thrilled to have closed this latest round and to have onboarded prominent international investors such as Krafton. We have seen an unprecedented consumption of audio content amongst users in the country with 70% users coming from Tier 2 cities. We will continue to foster our creator and listener bases and are confident of reaching 10m active paid users by the end of 2022.”
Commenting on A&W Capital’s role Vinod Kumar Meena, Co-founder and COO said, “A&W were excellent partners for us through the process – their deep sector expertise coupled with strong investor connects were instrumental in delivering this successful outcome. We sincerely thank Paroksh and the team for their assistance and look forward to working with them again.”
Paroksh Gupta, MD, A&W Capital said, “This is another milestone in the ongoing evolution of the non-music digital audio industry in India. KukuFM, with its unique indigenous content and subscription driven growth model, is ideally placed to emerge as the winner in this space. I thoroughly enjoyed working with Bisu, Vinod and Vikas, and excited to be part of their journey ahead.”
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