Indian Audiobook Platform Parent Reportedly Eyes $200M IPO
- ByStartupStory | December 16, 2025
Mebigo Labs Pvt Ltd, the parent company of popular Indian audio content platform Kuku FM, has appointed investment bankers to manage a potential $200 million initial public offering, positioning the Mumbai-based startup for a major public market debut amid surging demand for vernacular audiobooks and stories.
Bankers appointed for IPO process
Mebigo Labs has hired Kotak Mahindra Capital, Axis Bank, and Morgan Stanley’s India unit to oversee the share sale, according to reports citing people familiar with the matter. The IPO could raise up to $200 million (around ₹1,820 crore), with proceeds earmarked primarily for expanding the content library and strengthening regional-language offerings to cater to India’s diverse audio consumers.
The company has not commented on the plans, but the move aligns with Kuku FM’s rapid scaling and the broader resurgence in India’s startup IPO pipeline.
Kuku FM’s growth trajectory
Founded in 2018 by Lal Chand Bisu, Vikas Goyal, and Vinod Kumar Meena, Kuku FM offers audiobooks, short stories, summaries, educational content, and spiritual programming across multiple Indian languages. The platform claims more than 10 million paying subscribers, capitalising on rising smartphone penetration, affordable data, and a shift toward audio consumption during commutes and multitasking.
In October 2025, Mebigo Labs raised $85 million from Granite Asia Capital and others, underscoring strong investor interest in the audio OTT space. The company has also launched Kuku TV, a short-form video platform, and is building an in-house generative AI studio to accelerate content creation.
Riding India’s audio content wave
Kuku FM operates in a competitive landscape alongside Pocket FM, Pratilipi, and Storytel, but differentiates through its focus on vernacular storytelling and bite-sized formats. India’s audio streaming market is exploding, driven by regional language demand and AI-enabled production, with platforms like Kuku FM achieving unicorn-like traction without traditional broadcast infrastructure.
The potential IPO reflects broader momentum in India’s new-age economy, where consumer internet firms are tapping public markets for liquidity and growth capital. Recent listings by Meesho, Pine Labs, Groww, and others have raised over $4 billion in 2025, creating a favourable environment for audio innovators like Kuku FM.
A successful $200 million raise would fuel deeper content investments, technology upgrades, and potential international expansion, cementing Kuku FM’s role in India’s digital entertainment transformation.
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