KuKu FM plans to launch IPO to raise $200 million, appoints Morgan Stanley, Kotak, Axis Bank: Report

Mebigo Labs Pvt. Ltd., which owns and operates audio content platform Kuku FM, is preparing to launch an IPO that could raise up to $200 million, according to an ET report.

The Mumbai-based startup has appointed Kotak Mahindra Capital, Axis Bank and Morgan Stanley’s India unit as bankers for the proposed IPO.

Proceeds from the offering are expected to be used to expand Mebigo’s content library and deepen its regional-language offerings. Discussions around the IPO are ongoing, and key details, including the final issue size and timeline, are yet to be decided.

The potential listing comes amid strong activity in India’s primary markets, supported by robust retail participation and steady institutional demand.

In 2025 alone, new-age companies such as Meesho, Pine Labs, Groww, Physicswallah, Ather Energy, Bluestone, Urban Company and Lenskart together raised over $4 billion through public issues.

Founded in 2018 by Lal Chand Bisu, Vikas Goyal and Vinod Kumar Meena, Kuku FM offers audiobooks, stories and summaries across multiple Indian languages. The platform claims to have more than 10 million paying subscribers.

Mebigo Labs last raised $85 million in October in a funding round led by Granite Asia Capital Pte, with participation from Vertex Growth Fund, Krafton, IFC, Paramark Ventures, Tribe Capital India and Bitkraft Ventures.