Ullu Digital Limited, a domestic over-the-top (OTT) platform, has submitted a draft red herring prospectus (DRHP) for an initial public offering (IPO) to the BSE SME. The corporation has suggested issuing up to 62,62,800 new equity shares in order to raise money. Notably, there is no offer for sale (OFS) component in the company's DRHP. Reportedly, Ullu intends to raise between Rs. 135 and Rs. 150 crore through the IPO. This will put the company's worth between Rs. 500 and Rs. 570 crore, or $60 and $70 million.The issue's book-running lead managers are Skyline Financial Services Ltd. and Narnolia Financial Services Ltd. The OTT platform intends to use the profits from the IPO to fund staff recruiting, foreign show purchases, the creation of new content, the acquisition of cutting-edge equipment, and working capital.

As per the DRHP, founder of the company Vibhu Agarwal commands 61.75% shares while Megha Aggarwal owns 33.25% of the company. Zenith Multi Trading DMCC has a 5% stake in Ullu.Ullu made Rs 12.28 crore in profit from operations for the six months ending in September 2023 (Apr-Sep 2023). Revenue from operations totaled Rs 58.33 crore.Netflix and other content providers broadcast web series, films, and other media on Ullu, a membership-based platform. Subscription sales provide for the lion's share of the company's income. The company had 20,92,975 subscribers as of September 2023. Nonetheless, the company's user base shrank by more than 24% from 27,59,397 users in March 2023.  At the close of March 2022 and 2021, the company's subscriber count was around 17,70,439 and 11,46,646, respectively. Ullu's operating revenue increased to Rs 93.1 crore in FY23 from Rs 46.8 crore in FY22, a twofold increase. From Rs 3.9 crore in FY22 to Rs 15.1 crore in FY23, its profits increased 3.87 times. Ullu has become one of the tech startups preparing to go public in the near future. ixigo, Unicommerce, Ola Electric, Awfis, and FirstCry are a few of the companies on the list.