Ullu app, primarily known for its adult-themed content, is gearing up for a substantial Rs. 150 crore IPO, marking India’s largest SME IPO to date.
The brainchild of Vibhu Agarwal, Ullu’s journey to this point has been unconventional. Agarwal, with a varied entrepreneurial background, shifted his focus to media after a disappointing venture into filmmaking with Baat Ban Gayi.
Recognizing the challenges of film distribution, Agarwal transitioned to the burgeoning OTT industry, launching Ullu in 2018.
Despite initial doubts surrounding its name and content, Ullu found a niche audience, particularly in smaller Indian tier-2 and tier-3 cities, thanks to its affordable subscription plans and titillating content set in rural lands.
The COVID-19 pandemic further accelerated Ullu’s growth as people sought entertainment options from home.
With over 25 lakh paying subscribers and robust revenue figures, Ullu is now eyeing expansion through its upcoming IPO.
However, its content, often pushing the boundaries of acceptability, has drawn regulatory scrutiny, necessitating content removal orders.
Agarwal, undeterred, remains focused on Ullu’s potential as a business, viewing it through the lens of profitability and market performance.
Despite its unconventional nature, Ullu’s IPO represents a significant development in India’s media landscape, reflecting the changing preferences of consumers and the increasing importance of digital platforms.
It is one of the biggest success stories and represents what the small town audience want in the name of entertainment.
