Fundamentum and others raise $21.8M for audio streaming platform KukuFM

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KukuFM, an audio streaming platform, has raised $21.8 Million in Series B1 funding led by Nandan Nilekani’s The Fundamentum Partnership.

Paramark, KRAFTON Inc., 3one4 Capital and Vertex participated in the round, as well as FounderBank Capital. It is five months since it raised $19.5million from KRAFTON. The round also saw participation from Verlinvest, Google and other investors.

The startup stated that it will use the capital raised to expand its catalog, strengthen its content creation environment, and offer more languages on its platform.

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KuKuFM was founded in 2018 by Vikas Goyal, Lal Chand Bisu and Vinod Kumar meena. It aims to reach over 10 million customers by next year. The platform offers audio content in seven languages: Hindi, Kannada and Tamil as well as audiobooks and stories.

“We are seeing a rapid increase in interest in content in regional languages in Tier 2 and 3 cities, semi-urban, and rural segments.” Lal Chand Bisu stated that we intend to build a diverse and strong creator network to cater to this segment of Bharat’s audience.

Prateek Javain Principal at Fundamentum Partnership spoke out about the investment. He said that “the India-digitisation story opened up opportunities across all sectors. Rapid growth in internet usage has benefited the content ecosystem. Kuku FM’s 4-year journey has seen it build a business with solid fundamentals, a strong monetisation strategy, and a national community of creator-listeners.

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