SUMMARY
- Kuku FM’s revenue from operations have grown 2.1 times YoY to Rs 88 crore in FY24 from Rs 41 crore in FY23.
- Its total expenses rose by 21.2% to Rs 200 crore in FY24.
- Kuku FM was able to reduce its losses by 18% to Rs 96 crore in FY24 from Rs 117 crore in FY23.
Audio content platform Kuku FM has experienced remarkable growth over the past four fiscal years. Following a significant increase of about 12 times in FY23, the firm has more than doubled its earnings in FY24 while also cutting down on its losses.
Kuku FM’s revenue from operations have grown 2.1 times YoY to Rs 88 crore in FY24 from Rs 41 crore in FY23, as per its annual financial reports.
Kuku FM provides a wide variety of audio content across different categories such as business, self-help, personal finance, history, religion, entertainment, and fitness. Its main source of income comes from subscription fees.
The Fundamental-backed company has also seen an increase in its earnings from interest on its deposits and from the sale of its current investments, bringing its total earnings to Rs 104 crore in FY24, up from Rs 49 crore in FY23.
To broaden its reach in the audio content market, Kuku FM has spent over half of its available cash on advertising and marketing, which amounted to Rs 102 crore in FY24, a rise of 8.5% from FY23. However, the amount spent on creating audio content was relatively lower at Rs 16 crore.
According to its financial reports, the benefits provided to its employees in Mumbai increased by 37% in FY23. Meanwhile, the costs for information technology, legal services, rent, charges for payment gateways, and other operational expenses rose by 21.2% to Rs 200 crore in FY24.
Kuku FM was able to reduce its losses by 18% to Rs 96 crore in FY24 from Rs 117 crore in FY23. Its ROCE and EBITDA margin were -46.38% and -89.42%, respectively. On a per-unit basis, it spent Rs 2.27 to earn a rupee in FY24.
At the end of FY24, Kuku FM had Rs 289 crore in outstanding losses.
Kuku FM has secured a total of $71 million, with a $25 million Series C round funding being the latest addition, led by the International Finance Corporation (IFC) and Fundamentum Partnership led by Nandan Nilekani in October 2023. The firm’s valuation was previously estimated at approximately $185 million.
