Mebigo Labs Pvt. Ltd., the operator of popular Indian audio platform Kuku FM, has appointed leading investment banks to manage a proposed initial public offering (IPO) that could raise up to $200 million, according to sources familiar with the matter. The development marks a major milestone for the Mumbai based startup as it prepares to enter public markets amid renewed interest in India’s consumer internet and digital media sector.
The company has mandated Kotak Mahindra Capital Co., Axis Bank Ltd., and the Indian unit of Morgan Stanley as bankers for the share sale. While Mebigo Labs has not yet disclosed a formal timeline, the IPO is expected to be launched after regulatory approvals and once market conditions are favourable.
Founded in 2018, Mebigo Labs runs Kuku FM, an audio-first content platform offering podcasts, audiobooks and original shows in multiple Indian languages. The platform has built a strong user base in non-metro and regional markets by focusing on vernacular content in Hindi, Tamil, Telugu, Marathi, Bengali, Kannada and other languages. This strategy has helped Kuku FM tap India’s fast expanding base of smartphone users seeking affordable, on the go entertainment.
People aware of the plans said proceeds from the IPO will be used to significantly expand Kuku FM’s content catalogue, commission more exclusive and original programming, and deepen its presence in regional language markets. The company is also expected to invest in technology, creator tools and data-driven personalisation to improve user engagement and retention.
Mebigo Labs’ move comes as India’s IPO market shows signs of revival, with investors increasingly backing scaled, revenue generating digital platforms. The audio streaming and podcasting segment, in particular, has emerged as a promising growth area, driven by rising digital consumption in Tier II and Tier III cities.
If executed successfully, the IPO could position Mebigo Labs among the next wave of Indian consumer internet companies to go public, while reinforcing the long-term potential of regional language audio platforms in India’s digital economy.
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