Audio entertainment platform Kuku FM has posted a two-fold year-on-year rise in revenue in fiscal year 2024 and reduced its losses.
The 2x rise in revenue and controlled expenditure helped the Mumbai-based firm reduce its losses by 18 percent to Rs 96 crore from Rs 117 crore in FY23.
According to a report by Entrackr, the audio startup reported Rs 88 crore of revenue in FY24 up from Rs 41 crore in FY23.
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Kuku FM has reportedly allocated over 50 percent of its total cash burn to advertising and marketing which stood at Rs 102 crore in FY24– an 8.5 percent rise from FY23. The company’s spending on audio content creation was comparatively lower at Rs 16 crore.
According to the financial statements, employee benefits grew by 27 percent in FY23.
The ROCE and EBITDA margin of Kuku FM stood at minus 46.38 percent and -89.42 percent, respectively.
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The total outstanding losses of the company stood at Rs 289 crore by FY24.
Kuku FM offers audio content in a range of genres, such as business, self-help, personal finance, entertainment, religion, fitness, etc. The company has raised $71 million to date, including a $25 million Series C round led by Nandan Nilekani’s Fundamentum Partnership in October 2023.