Bengaluru/Delhi, Oct. 3 -- Audio streaming platform Kuku FM has signed a term sheet to raise about $70-80 million in new funding, with South Korean-based video game publisher Krafton leading the round alongside existing investors, three people familiar with the matter.

"The post-money valuation of the current is expected to be around $500-550 million.the investors are currently undertaking due diligence and documentation," said a second person mentioned earlier.

Kuku FM's ongoing fundraise has been positioned around rising demand for code-based mini dramas, reflecting investor interest in short-video and serialized micro-drama formats, the person added.

Emails to Kuku FM co-founder Lal Chand Bisu and the company went unanswered until p...