The news arrived a month after… well, after a lot of things, really. 3one4 Capital, the VC firm, had partially exited Kuku FM. The numbers were the first thing to hit: a reported 90% Internal Rate of Return. That’s the kind of figure that makes investors sit up.
Kuku FM, for those not deep in the weeds, is an audio OTT platform. Think podcasts, audiobooks, all that good stuff, but in Indian languages. A market that’s… well, it’s vast. And growing.
I’ve been watching this space. The buzz around audio has been building for a while now. Clubhouse, Spotify, everyone’s trying to get a piece. Kuku FM, though, was focused. Hyperlocal content. That’s smart.
This partial exit by 3one4 Capital… it’s a data point. A signal. Not just about Kuku FM’s performance, but about the broader ecosystem. It suggests a certain maturity, a willingness to realize gains. It also shows a clear path for future investment in the space.
Inc42 Media broke the story, of course. They always do. The reporting was solid, as expected. They noted the initial investment date – and the subsequent returns. The numbers always tell a story, even if it’s not the whole story.
I reached out to 3one4 Capital for comment. No response yet. Often the case. But the silence is also… telling. The deal itself happened “about a month after…” – a timeframe that suggests a certain efficiency. Or maybe just good timing.
One industry analyst, who wished to remain anonymous, offered a different perspective. “These exits,” he said, “they’re not just about the money. They’re about validating the model. Showing others the path.”
The implications? Other VCs will now be watching. The audio OTT space, already crowded, will likely see even more activity. And Kuku FM? They’ll have more runway. More options.
What happens next? Hard to say. But I’ll be watching.
