OTT websites ban for alleged obscene content threatens ₹150 crore ULLU IPO

The Centre’s recent ban on over 20 OTT platforms for allegedly violating various laws, including the “indecent” representation of women, seems to have hit ULLU the hardest, as its parent Ullu Digital was on its way to a public offering.

Reports say that, in a bid to curb the easy availability of pornographic material, particularly to minors, the following streaming apps/websites were banned by the Government of India: ALTT, ULLU, Big Shots App, Desiflix, Boomex, Navarasa Lite, Gulab App, Kangan App, Bull App, Jalva App, Wow Entertainment, Look Entertainment, Hitprime, Feneo, ShowX, Sol Talkies, Adda TV, HotX VIP, Hulchul App, MoodX, NeonX VIP, Fugi, Mojflix, and Triflicks.

The Ministry of Information and Broadcasting (MIB) ordered the nation’s Internet Service Providers (ISPs) to disable or remove public access to these websites within India, agencies reported.

Ullu Digital’s IPO is now under a shadow of uncertainty. The streaming website’s plans to go public with a ₹150 crore public offering will now have to face further scrutiny.

As per the draft red herring prospectus (DRHP) that Ullu Digital filed with BSE back in February 2025, the streamer looks to raise around ₹135 crore to ₹150 crore through a 100 per cent fresh issue of around 62.6 lakh equity shares. Among the proceeds from the issue, Ullu Digital said it would set aside ₹30 crore for content development, ₹15 crore for technology upgrades, and even another ₹20 crore for international content acquisitions.

All of these projections were under the assumption that there would not be any regulatory hurdles in its core business. And that is exactly what has happened with the latest MIB ban.

India topped the world governments in imposing internet restrictions in 2025, according to Surfshark research. In the first half of 2025 alone, five internet shutdowns happened in India (out of the 24 worldwide).

But these are total shutdowns. The number of websites blocked and social media accounts curbed are much higher, according to other reports.

The Ullu IPO was touted to be the largest IPO in the country’s SME segment, but now—with its core existence threatened—it remains to be seen how the streaming website will wade through the waters of censorship and equity financing.

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