Kuku FM, an audio content platform, has raised $19.5 million in a new fundraising round led by South Korean gaming behemoth Krafton Inc.

3one4 Capital, Vertex Ventures, and India Quotient were among the existing investors who took part in the round. As part of the current round, Founder Bank Capital and Verlinvest have also joined as new investors.

Since its launch in 2018, Kuku FM has raised a total of $25 million in equity capital, including this newest round.

The funds will be used to expand the company's language capabilities and consolidate its content creation approach, according to the company.

Kuku FM gives its customers with content creation tools that allow them to create, develop, and publish material.

It presently delivers content in Hindi, Marathi, Bengali, Tamil, and Gujarati, among other languages. Fiction and nonfiction audiobooks, self-help education titles, entertainment, news, mythology, and spirituality are among the genres featured on the platform.

“Kuku FM is pioneering a new category for audio content by bringing premium, unique, and immersive digital audio experiences to our users. We have seen an unprecedented consumption of audio content amongst users in our country with 70% users coming from Tier 2 cities,” says Lal Chand Bisu, cofounder and chief executive officer, Kuku FM.

Bisu also stated that Kuku FM hopes to reach 10 million active paying customers by the end of 2022, and 50 million by 2025.

“We are very excited to partner with Kuku FM and support them in their journey of building a strong creator and listener ecosystem which continues to grow at an amazing pace creating many unique local IPs. Here at Krafton Inc, we strongly believe that Indian IPs and regional Indian languages content growth will unlock the next big monetization opportunity not just in India but even globally,” says Sean Hyunil Sohn, head of India division at Krafton Inc.

Kuku FM now has over 30,000 creators on its site, with the firm claiming that 50 percent of all material is exclusive to the platform.