SEBI Greenlights Kuku FM’s ₹3,500 Cr IPO

India's regulator SEBI approved Kuku FM's IPO, with the issue size estimated at ₹2,500–3,500 crore ($261–366 million) and a company valuation of about ₹15,000 crore ($1.8 billion). Proceeds will go to technology, AI infrastructure, content, and geographic expansion.

• SEBI issued observation letter on September 11, DRHP filed in June
• Company valuation may reach ₹15,000 crore ($1.8 billion)
• Includes fresh issue and offer-for-sale
• Total raised over $156 million, last round $85 million in 2025