Kuku FM's parent company plans $200M IPO in India
What's the story
Mebigo Labs, the operator of India's popular audio platform Kuku FM, is gearing up for an initial public offering (IPO) that could raise as much as $200 million. The Mumbai-based firm has hired Kotak Mahindra Capital, Axis Bank, and Morgan Stanley's Indian unit to oversee the share sale. The funds raised from this move are likely to be used for expanding Mebigo's content library and enhancing its regional-language offerings.
Ongoing discussions
IPO details still under discussion
The discussions around Mebigo Labs's IPO are still ongoing, with key details including the size of the offering yet to be finalized. The company and its banking partners have not yet commented on these developments. This move comes amid a surge in India's primary market activity, driven by strong retail participation and stable institutional demand.
Company expansion
Kuku FM's growth and recent funding
Founded in 2018 by Lal Chand Bisu, Vikas Goyal, and Vinod Kumar Meena, Kuku FM provides audiobooks, stories, and summaries in various Indian languages. The platform has over 10 million paying subscribers. In October, Mebigo Labs had raised $85 million from investors led by Granite Asia Capital Pte, with participation from Vertex Growth Fund, Krafton, IFC, Paramark Ventures, Tribe Capital India, and Bitkraft Ventures.