47954 - Kuku FM

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Summary of Investment Information

Project Number

47954

Company Name

MEBIGO LABS PRIVATE LIMITED

Date SPI Disclosed

May 22, 2023

Country

India

Region

South Asia

Projected Board Date

Jun 19, 2023

Environmental Category

C - No Impact

Status

Active

Last Updated Date

Nov 8, 2025

Department

CDFDT - Disruptive Technologies and Funds/Disruptive Technologies

Industry

Telecommunications and Technology

Previous Events

Approved : Jun 30, 2023
Signed : Jun 30, 2023
Invested : Sep 12, 2023

Sector

Content (B2C Companies)

Project Description

The proposed Project is an equity investment of up to US$10 million in Mebigo Labs Private Limited (“Kuku FM” or the “Company”), a private limited company domiciled in India. Kuku FM is one of India’s largest digital audio platforms that offers non-music, regional audio content across audiobooks, original series, book summaries, podcasts, and courses focused on non-fiction self-learning content. The content is long-form in nature, broken into bite-sized, audio-only, capsular episodes of 10-15 minutes each like an episodic television show. The platform primarily caters to users in Tier-II and beyond cities in India across semi-urban and rural segments. As of March 2023, the Company had an active paid subscriber base of 2.7 million users.

Associated Advisory Engagement

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	9.85

Development Impact

The Project is expected to create micro-entrepreneurship opportunities for creative entrepreneurs (‘content creators’) in India by supporting the scaling up of a non-music audio platform that harnesses content from creative auto-entrepreneurs to serve listeners. Such outcomes come against the background of limited work opportunities for skilled, creative individuals in India. They have the potential to create impact by providing improved livelihoods for creators, through income generation. Further, the scaling up of the platform is associated with gender-specific targets that will result in the onboarding of more women creative entrepreneurs. The Project also has several benefits in the form of educational and inspirational content which will lead to upward socio-economic mobility of the largely young population in India. The fact that the platform encourages content in regional languages would aid in reaching vast swathes of population beyond just the metro and tier 1 cities. The main sources of expected Market Creation outcomes involve sustaining linkages in the online audio industry in India by enabling the mobility of content creators and listeners across non-music audio streaming platforms through capacity building. As part of its onboarding process, the Company provides training to content creators and also helps listeners discover the value of non-music audio content. Its successful scale-up would result in the onboarding of new content creators and listeners who would leverage the capacity they acquire with the Company to participate in other online audio streaming platforms, thereby supporting the growth of the online audio industry and the broader creator economy.

IFC's Additionality in this Project is both financial and non-financial. Financial additionality involves the provision of patient equity as part of the Company’s institutional financing round in India. IFC’s financial additionality involves the provision of patient equity to support the Company’s medium-term goal of expanding beyond India, in Asia and the Middle East, where the availability of venture capital is limited, especially for startups in the creator economy. IFC will also leverage its board seat to provide knowledge, innovation, and capacity building through in-house expertise on content filtration methodology and standards, gender advisory, and providing strategic advice to support the Company’s expansion plan beyond India in the medium term. Further, IFC will provide standard setting by helping the Company to improve its corporate governance practices.

E&S Category Rationale / Risks and Mitigation

This is a Category C project according to IFC's Policy on Environmental and Social (E&S) Sustainability as IFC’s E&S due diligence indicates that the project presents low E&S risks and impacts. The Company manages E&S risks in compliance with applicable legal regulatory requirements, permit conditions, and industry norms.

While all IFC Performance Standards (PSs) are applicable to this investment, the key E&S issues in this project are: i) life and fire safety at office spaces; and ii) labor and working conditions including policies such as prevention of sexual harassment, equal opportunity, and grievance mechanism. Thus, E&S risks must in particular be managed in a manner consistent with PSs 1 and 2. Therefore, IFC will require the Company to keep on implementing policies and procedures, especially on HR management and emergency preparedness and response, consistent with IFC's PSs and to report to IFC on any significant E&S incidences. The Company will also be required to inform IFC in the event of any changes in the nature or scope of its businesses.

Contacts

For Inquiries About the Project, Contact

Kuku FM
Lal Chand Bisu
Chief Executive Officer
+91 7949107812
support@kukufm.com
91springboard, Godrej & Boyce, Gate No 2, Plant No. 6, LBS Marg, Opposite Vikhroli Bus Depot, Vikhroli West, Mumbai, Maharashtra 400079 India
www.kukufm.com

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Fax: 202-974-4384

Local Access of Project Documentation

info@kukufm.com

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