🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

IPO-Bound Ullu Digital Under The Scanner For Pornographic Content, Violation Of Rules

Inc42Inc42 · 1y ago
IPO-Bound Ullu Digital Under The Scanner For Pornographic Content, Violation Of Rules
Medial

Ullu Digital, an Indian streaming platform, is under investigation by multiple government bodies for allegedly selling "pornographic" content involving school children. The Securities and Exchange Board of India (SEBI), Ministry of Corporate Affairs, and Ministry of Electronics and Information Technology (MeitY) have launched a probe following complaints against the OTT platform. The National Commission for Protection of Child Rights had previously written to MeitY, expressing concerns about the app's accessible "extremely obscene and objectionable" content. Additionally, Uday Mahurkar, founder of Save Culture Save Bharat Foundation, has asked SEBI and BSE to investigate Ullu for various violations, claiming false information in its draft papers.

Related News

OTT platform Ullu next in line to go public, files DRHP

EntrackrEntrackr · 1y ago
OTT platform Ullu next in line to go public, files DRHP
Medial

Homegrown over-the-top (OTT) platform Ullu Digital Limited has filed a draft red herring prospectus (DRHP) with the BSE SME for an initial public offering (IPO). The company has proposed to raise funds via fresh issue of up to 62,62,800 equity shares. Notably, the company’s DRHP doesn’t have any offer for sale (OFS) component. As per Moneycontrol report, Ullu plans to raise around Rs 135-150 crore in the IPO. This will value the company around Rs 500-570 crore or $60-70 million. Narnolia Financial Services Ltd and Skyline Financial Services Ltd are the book-running lead managers of the issue. The OTT platform plans to deploy the IPO proceeds for the production of new content, purchase of international shows, purchase of state-of-the-art equipment and hiring of staff, working capital requirement and other general corporate purposes. 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. For the half year ending September 2023 (Apr-Sep 2023), Ullu generated Rs 58.33 crore revenue from operations with a profit of Rs 12.28 crore. Ullu is a membership-led platform which streams web series, movies, and other forms of content. The company earns the majority of its revenue from the sale of subscriptions. As of September 2023, the company has 20,92,975 subscribers. However, the user base of the company declined over 24% from 27,59,397 subscribers during March 2023. The company had around 17,70,439 and 11,46,646 subscribers at the ends of March 2022 and 2021, respectively. During FY23, Ullu’s revenue from operations grew two-fold to Rs 93.1 crore as compared to Rs 46.8 crore in FY22. Its profits jumped 3.87X to Rs 15.1 crore in FY23 as compared to Rs 3.9 crore in FY22. Ullu has joined the list of tech-companies that are planning their public listing soon. The list includes ixigo, Unicommerce, Ola Electric, Awfis, and FirstCry among others.

Child Rights Body Seeks Action Against Ullu App, Says ‘Extremely Obscene And Objectionable’ Content

Inc42Inc42 · 1y ago
Child Rights Body Seeks Action Against Ullu App, Says ‘Extremely Obscene And Objectionable’ Content
Medial

The National Commission for Protection of Child Rights (NCPCR) has asked the Ministry of Electronics and Information Technology (MeitY) to take action against Indian OTT platform Ullu for allegedly hosting obscene and objectionable content accessible to children. The commission has requested action against Google and Apple as well, and urged for stringent know your customer (KYC) norms for users of Ullu and similar apps. Ullu recently filed for an initial public offering (IPO) to raise INR 150 crore. Its operating revenue doubled to INR 93.1 crore in FY23 from INR 46.8 crore in the previous fiscal year, and profits increased from INR 3.9 crore to INR 15.1 crore in the same period.

IB Ministry blocks 18 OTT platforms for publishing obscene content

EntrackrEntrackr · 1y ago
IB Ministry blocks 18 OTT platforms for publishing obscene content
Medial

The Ministry of Information & Broadcasting has blocked as many as 18 OTT platforms, including Dreams Films, Voovi, X Prime, Hunters, and others for publishing obscene, vulgar, and pornographic content. The ministry has also ordered blocking of 19 websites, 10 applications (7 on Google Play, 3 on Apple Store) along with 57 social media accounts associated with these platforms. “The content was determined to be prima facie in violation of Section 67 and 67A of the IT Act, Section 292 of the IPC, and Section 4 of the Indecent Representation of Women (Prohibition) Act,1986,” the ministry said in its press release. The decision was taken under the provisions of the Information Technology Act 2000 in consultation with ministers of various departments and the domain experts specializing in media and entertainment, women’s and children’s rights, the release added. Among these 18 banned OTT platforms, one of the OTT apps had more than 1 crore downloads while two others had 50 lakh downloads on Google Play Store. The social media accounts of the concerned OTT platforms had an overall fellowship of over 32 lakhs, the statement further said. The high number of downloads and viewership aren’t surprising considering the deep reach of affordable and faster internet connectivity in the country. Moreover, several OTT platforms have managed to bypass the local broadcasting norms to publish objectionable content. Besides obscenity, OTT platforms have also faced backlash from several groups over hurting religious sentiments. The spate of recent controversies probably prompted the government to introduce a new broadcasting bill, which proposes censoring of content on such streaming platforms. Interestingly, the latest order doesn’t include Ullu and ALT Balaji, which have been thriving on sleazy contents.

Download the medial app to read full posts, comements and news.