Ullu Digital to go public, files IPO papers to raise Rs 135-150cr
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Over-the-top (OTT) streaming platform Ullu Digital has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) to raise around Rs 135-150 crore.
The Ullu platform has proposed to raise funds via fresh issue of up to 62,62,800 equity shares.
The company's DRHP, filed with the BSE SME, does not have any offer for sale (OFS) component, reports startup coverage portal Entrackr.
The OTT platform aims to use the fresh funds to generate new content, hire more staff, and purchase international shows, among others.
Founders Vibhu Agarwal and Megha Agarwal own 95 per cent shares in the company, according to the DRHP.
Zenith Multi Trading DMCC has a 5 per cent stake in Ullu, according to the report.
Ullu generated Rs 58.33 crore in revenue from operations with a profit of Rs 12.28 crore for the period of April-September in the current fiscal year (FY24).
As of September 2023, the company has 20,92,975 subscribers. Ullu's revenue from operations grew two-fold to Rs 93.1 crore in FY23 as compared to Rs 46.8 crore in FY22.
The platform saw its profits increase to Rs 15.1 crore in FY23 as compared to Rs 3.9 crore in FY22, according to reports.
