Vibhu Agarwal, Founder & CEO of OTT platforms Ullu, Hari Om and Atrangii, shares his thoughts on growth, talks with top streaming platforms, and success of his mythological shows across the globe
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When Vibhu Agarwal sat down for a conversation with e4m, he was unflinching in his candour: “It’s not the right time to go public.”
The founder and CEO of Ullu, Atrangiii, and Hari Om OTT apps, who was once bullish on taking his content empire to the SME IPO route, has hit pause. The markets, he says, have cooled, and many IPO-bound businesses are holding back—not from lack of preparation, but from sheer economic unpredictability.
“We were all set. Our investors were on board, decks printed, plans locked. But January changed everything,” says Agarwal. “Even those who’d committed percentages started pulling back. The market morale has dipped. And now with global events, inflation, tariffs, and unstable investor sentiment, everyone—from builders to steel factories—is playing the waiting game.”
Agarwal isn’t alone. India’s IPO pipeline has seen a freeze across sectors in recent months as economic jitters—ranging from domestic inflation to US-led policy shifts—have rattled confidence.
But if there’s one thing Agarwal is not doing, it’s sitting idle.
“I was under pressure to launch the IPO by March,” he admits. “But what’s the point of forcing an IPO in a foggy market? The smarter thing is to keep your powder dry—and your product pipeline flowing.”
And that’s exactly what he’s doing.
Across his three platforms—Ullu for edgy dramas, Atrangii for massy entertainers, and Hari Om for mythological content—Agarwal says his content engines are still rolling, just with a leaner, more calculated model.
“We have 22 unreleased web series, already produced,” he shares. “Even if we don’t shoot anything for the next year, we’re covered. This is the advantage of running like a content factory. We plan for down cycles.”
While his OTT ventures continue to attract niche audiences, it’s Hari Om—his devotional and mythological streaming app—that’s stealing headlines for unexpected reasons.
“In Pakistan, we saw 8,000 to 10,000 downloads of our Jhulelal series on day one,” says Agarwal, referring to the show dedicated to the revered Sindhi saint. “We never marketed it there. But the Sindhi community responded in ways we didn’t imagine.”
This trend, he explains, reaffirms that mythology, when told with authenticity, has a global audience. From Tirupati Balaji and Jagannath Puri to a never-before-made series on Navgrahas (the nine celestial deities), Hari Om’s slate is packed with stories rarely seen in modern media.
“And we’re not asking communities for donations or support. We produce these shows ourselves and offer them to everyone,” he says. “People from Punjab, UP, and even temples are requesting broadcast rights.”
Agarwal is now tapping into a fresh spiritual-tech frontier with the launch of a VIP Darshan and Puja service on his Hari Om app. “Users can book special access to 16 prominent temples across the country for a fee—an offering that's quietly gaining traction,” he smiles.
As more temples come on board, the feature is emerging as a novel growth avenue for the platform, blending devotional access with digital convenience.
While IPO may be off the table for now, collaborations are very much on it.
Agarwal reveals that talks are active with Jio for API integration and app syndication. “Our apps may live within larger platforms. But our IP stays with us. Whether it’s Sony, Zee5, or Hotstar—we’re discussing licensing and full-fledged content partnerships.”
He outlines three verticals of collaboration: syndication via app integration, licensing shows for TV and OTT platforms, and a studio model where Atrangii will produce content for other platforms while transferring IP post-delivery.
While many digital players burn cash chasing eyeballs, Agarwal prefers strategic thrift.
“If I spend ?5 lakh a day on Meta and Google, that’s ?1.5 crore a month. And even after that, there’s no guaranteed ROI. So why not instead focus on platform partnerships and build sustained visibility?” he reasons.
He’s also critical of digital ad fraud: “On platforms like Google and Meta, there’s a small variance in reported impressions—around 10%. But outside of that? It’s a black hole. We’d rather invest in tech and content than in questionable metrics.”
Next on Hari Om’s roadmap? Regional expansion and cultural depth.
“We’re in talks to build a Southern-language app focusing on Tamil, Telugu, Kannada, and Malayalam versions of our Hari Om content,” he says. “One platform approached us to syndicate all of Hari Om in South Indian languages. It's a win-win—they get quality content, we get reach.”
New shows are also lined up—on Narad Muni, Chhathi Maiya, and even the Agarwal community. Twelve mythological series are already in development for the year.
“Look, the market is uncertain. But faith, culture, and stories—they don’t go out of style,” says Agarwal. “We may not be launching our IPO just yet. But in the meantime, we’re building a library, a platform, and a purpose.”
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