BENGALERU: Audio content platform Kuku FM announced on Wednesday that it has raised $21.8 million in the Series B1 funding round, led by The Fundamentum Partnership, which will be used to strengthen the music creation ecosystem content and offer more language choices to listeners.

Kuku FM aims to reach a base of over 10 million paying subscribers by the end of 2023.

“We have seen growing interest in regional language content in the Tier 2 and 3 cities, semi-urban and rural segments. We aim to continue to build a strong and diverse network of creators that caters to this segment of the Bharat audience,” said Lal Chand Bisu, Co-Founder and CEO, Kuku FM.

In addition to new investors Fundamentum and Paramark, existing investors KRAFTON, Inc, 3one4 Capital, Vertex, Verlinvest and FounderBank Capital also participated in this round.

Earlier this year, Kuku FM raised $19.5 million led by KRAFTON along with Google, Verlinvest and other investors.

“Over its four-year journey, Kuku FM has built a business with strong fundamentals, a solid monetization model and a national community of creator-listeners,” said Prateek Jain, Director, Fundamentum Partnership.

Founded in 2018 by Bisu, Vikas Goyal and Vinod Kumar Meena, Kuku FM is currently India’s largest audio platform with over 1.5 million paid subscribers.

The platform offers content in seven Indian languages ​​(Hindi, Marathi, Bengali, Tamil, Telugu, Kannada and Malayalam).

Currently, Kuku FM hosts over 150,000 hours of content in various formats, including audiobooks, stories, book summaries, courses, and podcasts.