Sex sells. Or that’s what you would think when you learn that an adult content streaming platform has filed for the biggest-ever initial public offering (IPO) in the history of SMEs. Ullu Digital, an OTT streaming company has submitted draft documents to the BSE SME in an effort to raise funds through an IPO.

The company plans to use the IPO to raise between INR 135-150 Cr! It would only involve the fresh issuance of about 62.6 lakh shares for the IPO. This could potentially be the largest SME IPO ever. According to data compiled by, the largest IPO in the SME segment so far has been by Spectrum Talent Management, which raised Rs 105 crore in June last year.

Ullu Digital adult content streaming app platform IPO BSE highest SME INR 150 Cr

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About Ullu

The OTT company, Ullu Digital distributes, displays, markets, promotes, and delivers a variety of content via its platform/app, Ullu. It provides a range of web series, short films and shows targeted at an adult audience. The company is owned by Vibhu Agarwal and his wife Megha Agarwal and competes with the likes of publicly traded companies like Zee Entertainment Enterprises and Shemaroo Entertainment.

The couple collectively own 95%. Another entity, Zenith Multi Trading DMCC, has a 5% stake in Ullu. The platform operates on a subscription-based model. It offers a weekly subscription for Rs 90, a monthly subscription for Rs 198 and an annual subscription for a fee of Rs 459. As of September 2023, the company had nearly 21 lakh active, paying subscribers.

Ullu Digital adult content streaming app platform IPO Vibhu Agarwal Meha Agarwal
Bollywood Hungama

We collaborate with various production houses or independent creators or writers who take the lead in developing the concepts, scripts, and storylines…Our company is involved in deciding the budget and reviewing and providing feedback, but on-the-ground execution of the project is solely done by the production house,” Ullu Digital said in the draft red herring prospectus.

The Intent Behind The IPO

The company has allocated set funds for set tasks to utilise from the offering:

  • Rs 30 crore of the proceeds for new content creation
  • Rs 20 crore for foreign show purchases
  • Rs 15 crore for technology investments – getting state-of-the-art equipment
  • Rs 50 crore to cover its working capital needs and hiring staff

Ullu Digital adult content streaming app platform IPO SME INR 150 Cr

The remaining money would go into general corporate operations. In FY23, Ullu posted a revenue from operations of Rs 93.1 crore, more than doubling its Rs 46.8 crore revenue in FY22. Its profit jumped to Rs 15.1 crore in FY23 as compared to Rs 3.9 crore in FY22.

How interesting is it to see an adult content streaming platform file for a 150 Cr IPO? Do you think they will receive it? Let’s wait and watch!