Market regulator SEBI has granted official approval for the Initial Public Offering (IPO) of Kuku Technologies (Kuku FM), an audio OTT startup. SEBI issued the observation letter for the company's IPO documents on September 11. The IPO aims to raise between ₹2,500 crore and ₹3,500 crore, and the company's valuation is estimated to rise to approximately ₹15,000 crore following the issue.

The IPO comprises a fresh issue of shares and an Offer for Sale (OFS) of existing shares. The company plans to utilize the proceeds for technology development, enhancing Artificial Intelligence (AI) infrastructure, content creation, and market expansion.

Founded in 2018 by Lal Chand Bisu, Vikas Goyal, and Vinod Meena, Kuku offers audiobooks, podcasts, and micro-dramas through platforms such as Kuku FM, Kuku TV, and Guru. The company's profile is further boosted by the fact that former Indian cricketer M.S. Dhoni is both an investor and the brand ambassador.