India’s Kuku FM, an audio content platform, has announced it  they have raised $19.5 million in a funding round  led by South Korean gaming giant Krafton, known for owning PUBG studios. 

Kuku FM will use the the funds to expand and strengthen its  content.  

"We are confident about hitting 10 million active paid users by the end of this year and 50 million paid users by 2025," said Lal Chand Bisu, co-founder and CEO, Kuku FM.

The round also saw participation from existing investors including 3one4 Capital, Vertex Ventures, and India Quotient, with Founder Bank Capital and Verlinvest joining the bandwagon as the new investors.

Till date,  Kuku FM has secured a total of $25 million since its inception in 2018 and boasts of 6 million active paid users, with 50% of the content exclusively available to the platform.

"We strongly believe that Indian IPs and regional Indian languages content growth will unlock the next big monetisation opportunity not just in India but even globally in the long term," said Sean Hyunil Sohn, Head of India Division at Krafton.

Krafton owns PUBG Studios, Bluehole Studio, Striking Distance Studios, RisingWings, Dreamotion and Unknown Worlds.