Lal Chand Bisu started Kuku in audio in 2018. Almost everyone in the press wrote them off — the louder competitor was getting the headlines, the VCs didn't believe vernacular India would pay, and the assumption was that short-video would flatten audio. None of that aged well. Kuku FM did ₹242 Cr in FY25 at 175% YoY growth, with roughly 10 million paying subscribers. This is the conversation Bisu, who is just not the kind of founder who walks around telling you these numbers, finally agreed to do.

In Part 1, we get into the company history, the pivots, the contrarian decision to cut the free tier, and what 40 million Hindi listens to Rich Dad Poor Dad really mean.

Chapter list

00:00 — How old is Kuku FM, and what Bisu was doing before (Easy Prep, two and a half years at Toppr)
00:02 — June birthdays, coincidence, and Bisu's definition of luck — "most things are out of control"
00:04 — The three pivots: podcast aggregator → UGC → PUGC. What killed each one and what was kept constant
00:09 — Why vernacular audio IP didn't exist, and why Kuku had to become a studio rather than an aggregator
00:14 — January 2021: cutting the free tier and charging ₹399 a year. The investor pushback. Why no ads, ever
00:23 — Rich Dad Poor Dad in Hindi: 40 million listens. What that number tells you about the listener that English-first publishers have been missing
00:27 — How Kuku's content mix has shifted from entertainment to educational and inspirational
00:30 — Audio first, then video. Why audio is roughly 50x cheaper to produce and 50x cheaper to stream
00:33 — AI in the marketing pipeline: 500 ads/month → 5,000 ads/month, same cost
00:42 — The competitor we don't name. What being the also-ran in the press for years cost — in hires, partnerships, and inside Bisu's own head
00:45 — The fundraising history: ~$156M raised, the Granite Asia round, and how much of the last cheque is actually still untouched
00:50 — Biggest learnings from unsuccessful fundraising. Why nos are usually the harder, better answer
00:55 — Kuku TV: from launch to #1 on India's App Store in four months. Microdrama, the ReelShort wave, MS Dhoni
01:01 — Cliffhanger: the Indian Institute of Zombies theatrical bet — and why an audio platform wrote, produced and AI-assisted its own film instead of licensing one. Bisu's answer to this is in Part 2.

Things mentioned in Part 1

People: Vinod Kumar Meena and Vikas Goyal (co-founders, IIT Jodhpur batchmates); Hansa Bisu (Bisu's wife); MS Dhoni (Kuku FM brand ambassador); Nandan Nilekani / Fundamentum
Companies & investors: Mebigo Labs, Toppr, Easy Prep, Pocket FM (the unnamed competitor), Granite Asia, Vertex Ventures, Krafton, Bitkraft, IFC, 3one4 Capital, Shunwei, India Quotient
Content & references: Rich Dad Poor Dad (Hindi); Ankur Warikoo's Hindi book; ReelShort; Kuku TV

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Part 1: Kuku's Lal Chand Bisu on killing three products, ditching the free tier and charging Bharat ₹399 a year

First Principles