Kuku Technologies, the parent company of Kuku FM and Kuku TV, has confidentially filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO), according to sources familiar with the matter.

The company is looking to raise between Rs 2,500 crore and Rs 3,500 crore through the public issue and is targeting a valuation of up to Rs 15,000 crore ($1.8 billion) at the time of listing later this fiscal year.

The IPO is expected to include a combination of fresh issue and offer-for-sale (OFS). The proceeds from the primary raise will be used to strengthen technology and AI infrastructure, fund content production, and support geographic expansion.

Founded in 2018 by IIT alumni Lal Chand Bisu, Vinod Kumar, and Vikas Goyal, Kuku operates vernacular audio platform Kuku FM, short-video app Kuku TV, and edutainment platform Guru. The company has raised over $150 million from investors including Fundamentum Partnership, Krafton, Vertex Ventures, Granite Asia, IFC, Paramark Ventures, India Quotient, and 3one4 Capital. Former Indian cricket captain MS Dhoni is also among its backers.

According to sources, Kuku's revenue grew nearly seven-fold to more than Rs 1,400 crore in FY26 from Rs 240 crore in the previous fiscal year. The company is also said to be nearing breakeven. Sources added that the company's use of artificial intelligence has helped accelerate content production, improve content recommendations, and lower customer acquisition costs.

Kuku TV, launched in late 2024, has emerged as a key growth driver for the company. The platform currently releases over 150 original microdrama shows every month and has crossed 200 million downloads. The company believes the mobile-first microdrama format, featuring short episodes of two to three minutes, is witnessing rapid adoption among Indian consumers.