India’s homegrown OTT platform Ullu is gearing up for its much-anticipated Initial Public Offering (IPO) in March 2025 overcoming a series of hiccups, says Founder and CEO Vibhu Agarwal.
Agarwal acknowledged the delays, attributing them to complexities typical of high-profile ventures. “The IPO , initially planned for earlier, is now expected to hit the market by March 2025. We had everything streamlined, our books were clean, and we were profitable, yet obstacles arose. Things have been sorted now. I believe challenges are a sign of something significant—great things take time." Mumbai-based Ullu Digital Limited had filed a draft red herring prospectus in February this year, signalling its intent to go public and raise Rs 135-150 crore. This was considered as the biggest IPO for any MSME firm in terms of size.
However, Agarwal’s plan got stuck due to concerns raised by a streaming self-regulatory body and the National Commission for Protection of Child Rights (NCPCR) over its adult content. However, Google later told NCPCR that it found no inappropriate content featuring children on Ullu , indicating that the commission’s concern was around such content being accessible to minors, and not featuring them. The platform informed the bodies that it had mandatory provisions to provide age-restricting features for mature content.
The company remains profitable despite these challenges, as Agarwal assured, "Our balance sheet is strong, and Ullu continues to grow steadily. These hurdles have only strengthened our resolve to ensure a smooth and impactful IPO.”
Navigating a tough 2024
Reflecting on 2024, Agarwal described it as a challenging year for the entire OTT industry. “With mergers like Disney-Star and Sony-Zee, the market witnessed a lot of turbulence. Content production and acquisitions paused as everyone waited to see how things unfolded,” he explained.
While market uncertainties impacted traditional content acquisition, Ullu managed to stay resilient. “Deals with platforms like MX Player and Jio were delayed, but we continued creating content steadily. We prioritize calculated investments, ensuring we deliver quality while maintaining profitability,” he added.
Vision for 2025 and beyond
As Ullu prepares for its IPO, the company is also eyeing global expansion. “Our active user base has crossed 42 million, and we’re targeting 10 million for Ullu ’s sister platform Atrangi by 2025. With emerging technologies like global OTT integrations, the future is bright,” Agarwal predicted.
Despite increasing competition, Agarwal remains confident about Ullu ’s position. “The market may be crowded, but we’ve built a unique identity. Our content and profitability ensure we stand out. With a calculated approach to content creation, strategic acquisitions, and an ambitious IPO on the horizon, Ullu is poised for significant growth”, insists Agarwal.
Balancing originals and acquisitions
Ullu has carved a niche by focusing on cost-efficient yet impactful content. “Unlike others who spend ?50-100 crore on a single film, we invest wisely. For instance, our web films like Chitta have performed well despite smaller budgets,” Agarwal shared.
On the acquisition front, Ullu adopts a pragmatic approach. “We don’t acquire current releases with inflated expectations. Instead, we focus on films that add value to our library while remaining cost-effective,” he noted.
In 2023-24, Ullu launched 78 shows across its platforms, with Atrangi alone airing 15 originals. “We aim to release one new series or show every 15 days, maintaining a consistent pipeline of fresh content,” Agarwal said.
.jpg)
