• Revenue rises 175 percent to Rs 242 crore in FY25, driven by strong growth in paid subscriptions across multiple audio content categories.
• Marketing spends hit Rs 285 crore, driving higher losses, as the company invested aggressively in user acquisition and brand expansion.
• Company prepares for a potential IPO, with plans to raise fresh capital and provide partial exits to existing investors.

Kuku FM continued its rapid growth in FY25, reporting a sharp rise in revenue even as higher advertising costs pushed losses deeper. The audio content platform recorded operating revenue of Rs 242 crore in FY25, up from Rs 88 crore in the previous fiscal year, according to filings with the Registrar of Companies.

This marks a 175 percent year-on-year jump, following a strong 114 percent growth in FY24. The company earns its core revenue from paid subscriptions across a wide range of audio content, including business, self-help, personal finance, history, religion, entertainment, and fitness. An additional Rs 16 crore from other income took Kuku FM’s total income to Rs 258 crore in FY25.

However, growth came at a cost. Total expenses more than doubled to Rs 411 crore from Rs 200 crore a year earlier. Advertising emerged as the largest expense, accounting for nearly 70 percent of total costs. Marketing spends rose nearly three times to Rs 285 crore in FY25, compared to Rs 102 crore in FY24.

Employee benefit costs increased 28 percent to Rs 60 crore, while technology expenses grew at a similar pace to Rs 27 crore. Depreciation expenses also tripled to Rs 9 crore during the year.

The aggressive spending led to a 59 percent rise in losses, which widened to Rs 153 crore in FY25 from Rs 96 crore in FY24. Despite this, unit economics showed improvement, with the company spending Rs 1.70 to earn every rupee of revenue, compared to Rs 2.27 last year.

Also Read: Kuku FM Raises $85 Million to Boost Content, Tech, and Reach

Kuku FM ended the year with current assets of Rs 268 crore, including Rs 117 crore in cash and bank balances. Backed by investors such as Fundamentum Partnership, Vertex Ventures, and Krafton, the company has raised $157 million to date.

The platform is now preparing for an IPO and has reportedly shortlisted four investment banks to raise up to Rs 3,000 crore through a mix of fresh shares and an offer for sale.

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