Ullu Digital IPO: OTT platform files papers for Rs 135-150 crore IPO

Homegrown streaming platform Ullu Digital has filed draft papers with the BSE SME to raise funds through an initial public offering (IPO). It will be the biggest ever SME IPO in terms of size, if approved.

The company is looking to raise Rs 135-150 crore through the IPO, as per reports. The Mumbai-based OTT platform engages in the distribution, exhibition, promotion, marketing and delivery of diverse content on its platform/app Ullu, which offers web series, short films and shows.

Among one of the first homegrown OTT apps, ULLU was founded by Vibhu Agarwal in December 2018. In less than two years of its launch, during the lockdown the company saw over 140 percent growth in its subscribers.

Agarwal and his wife Megha Agarwal own the firm, which competes with listed entities like Zee Entertainment Enterprises and Shemaroo Entertainment. Last year, Ullu appointed Avinash Dugar as its CEO.

In June 2023, in what was a first-ever move, Digital Publisher Content Grievances Council (DPCGC), the self-regulatory body for over-the-top (OTT) content, recommended punitive action against the platform under the IT (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021. The DPCGC objected to the content being streamed on Ullu and ordered Ullu to take down the content within 15 days or face punitive action. The order was issued in response to a complaint about the obscene nature of the shows on Ullu. The complainant Satish Waghela alleged that some of the web series on Ullu were obscene and contained nudity. Waghela argued that such content was illegal under Indian law and the IT Rules, 2021.

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