India’s OTT industry has transformed the way audiences consume entertainment. Driven by affordable internet, smartphone penetration, regional language content, and changing viewing habits, OTT platforms have become a key pillar of India’s digital media ecosystem. While global giants like Netflix compete alongside homegrown platforms, several unlisted companies are carving out strong niches through regional storytelling, live sports, original productions, and subscription-led business models.
Below is a closer look at India’s leading unlisted OTT companies ranked by their latest available revenue.
1. JioStar India Private Limited (JioHotstar)
City: Mumbai
Founded: 2024
FY2025 Revenue: ₹2,187 Cr
Latest Valuation: ₹74905.85 Cr (As of 09 Dec 2025)
About the company
JioHotstar was created following the merger of Reliance-backed Viacom18’s JioCinema business with Disney Star’s streaming operations in India. The platform combines entertainment, live television, blockbuster movies, premium sports, and original series under one brand. It holds exclusive digital rights for several marquee sporting events, making it one of India’s most influential streaming platforms. Along with Hindi content, JioHotstar offers programming in multiple regional languages, catering to a diverse audience. The platform leverages Reliance’s telecom ecosystem to reach millions of users nationwide. Its content strategy balances mass-market entertainment with premium originals and international titles. Today, JioHotstar is one of the largest OTT platforms in India by audience reach and revenue.
2. Netflix Entertainment Services India LLP (Netflix)
City: Mumbai
Founded: 2016 (India operations)
FY2025 Revenue: ₹3,842 Cr
About the company
Netflix is one of the world’s leading subscription-based streaming platforms and has steadily expanded its presence in India since launching in 2016. The platform offers a wide range of international films, television shows, documentaries, anime, and Indian originals across multiple languages. It has invested heavily in local productions, creating critically acclaimed series and films that have gained global recognition. Netflix continues to collaborate with leading Indian production houses and filmmakers to strengthen its regional content library. The company focuses on delivering a premium, ad-free viewing experience across devices. Continuous investments in technology, personalization, and content have helped Netflix remain one of the leading premium OTT platforms in India.
3. Hungama Digital Entertainment Private Limited (Hungama)
City: Mumbai
Founded: 1999
FY2024 Revenue: ₹244 Cr
Latest Valuation: ₹206.33 Cr (As of 13 Jan 2021)
About the company
Hungama is one of India’s earliest digital entertainment companies, offering music streaming, video-on-demand, and gaming services. Its flagship platforms, Hungama Play and Hungama Music, provide access to thousands of movies, TV shows, songs, podcasts, and short-form content. The company has partnerships with major film studios, music labels, and telecom operators to expand its content distribution. Hungama also provides white-label digital entertainment solutions for enterprises and telecom companies. Over the years, it has built a significant multilingual content library spanning Bollywood, regional cinema, and international entertainment. With over two decades in the industry, Hungama remains an established player in India’s digital media ecosystem.
4. Contagious Online Media Network Private Limited (The Viral Fever)
City: Mumbai
Founded: 2012
FY2025 Revenue: ₹182 Cr
Latest Valuation: ₹312.95 Cr (As of 11 May 2019)
About the company
The Viral Fever (TVF) is widely regarded as the pioneer of India’s digital-first original web series ecosystem. Founded by Arunabh Kumar, the company transformed online entertainment by producing relatable stories aimed at young Indian audiences. TVF has created several award-winning series including Pitchers, Kota Factory, Panchayat, Gullak, and Aspirants. Its productions are distributed through leading OTT platforms such as Amazon Prime Video, Netflix, Sony LIV, and TVF Play. The company has built a reputation for strong storytelling and high-quality original content. Today, TVF is one of India’s most respected digital content studios, producing some of the country’s most successful web series.
5. MM TV Limited (ManoramaMAX)
City: Kottayam
Founded: 2019
FY2025 Revenue: ₹151 Cr
Latest Valuation: ₹188.55 Cr (As of 21 Mar 2024)
About the company
ManoramaMAX is the OTT platform owned by the Malayala Manorama Group, one of India’s oldest media organizations. The platform primarily serves Malayalam-speaking audiences through an extensive collection of movies, television serials, live TV channels, and original shows. It has become a preferred destination for viewers seeking regional entertainment both within India and among the global Malayali diaspora. ManoramaMAX continues to invest in exclusive digital-first productions alongside catch-up television content. The platform benefits from the strong brand recognition of the Manorama media network. Its focus on quality regional programming has helped establish it as one of Kerala’s leading OTT platforms.
6. Arha Media & Broadcasting Private Limited (Aha)
City: Hyderabad
Founded: 2020
FY2025 Revenue: ₹145 Cr
Latest Valuation: ₹ 553.65 Cr (As of 22 Apr 2022)
About the company
Aha is India’s leading regional OTT platform focused on Telugu and Tamil entertainment. Launched by Arha Media & Broadcasting, the platform is backed by the Allu Aravind-led Geetha Arts Group. Aha offers an extensive library of blockbuster films, exclusive web series, talk shows, reality programs, and original productions. The company has positioned itself as a premium destination for high-quality regional storytelling. It continues to expand through strategic partnerships with filmmakers, production houses, and content creators across South India. By focusing exclusively on regional audiences, Aha has built a loyal subscriber base and emerged as one of the fastest-growing OTT platforms in the country.
7. Stage Technologies Private Limited (Stage)
City: Noida
Founded: 2019
FY2025 Revenue: ₹113 Cr
Latest Valuation: ₹273.48 Cr (As of 01 Sep 2023)
About the company
Stage is India’s first dialect-focused OTT platform, built to serve audiences beyond mainstream Hindi and English entertainment. The company produces original shows, comedy specials, folk music, documentaries, and educational content in dialects such as Haryanvi and Rajasthani. Stage believes regional dialects represent underserved entertainment markets with strong audience loyalty. Its subscription-led platform has attracted millions of viewers by delivering culturally relevant stories and performances. The company has raised funding from prominent venture capital investors to accelerate content production and geographic expansion. Today, Stage is considered a pioneer in India’s hyperlocal digital entertainment ecosystem.
8. Ullu Digital Limited (Ullu)
City: Mumbai
Founded: 2018
FY2025 Revenue: ₹90 Cr
Latest Valuation: ₹73.52 Cr (As of 05 Jul 2023)
About the company
Ullu is a subscription-based OTT platform known for producing original digital content targeted at adult audiences. The platform features drama, thriller, romance, suspense, and crime-based web series with frequent content releases. Its affordable subscription pricing has helped it build a significant user base across Tier II and Tier III cities. Ullu follows a digital-first strategy by focusing almost entirely on exclusive original productions. The company continues expanding its content library while experimenting with multiple regional languages. Despite operating in a niche segment, Ullu has established itself as a profitable player within India’s growing OTT ecosystem.
9. Hoichoi Technologies Private Limited (Hoichoi)
City: Kolkata
Founded: 2017
FY2025 Revenue: ₹83 Cr
Latest Valuation: ₹45.04 Cr (As of 20 Dec 2021)
About the company
Hoichoi is the leading Bengali-language OTT platform serving audiences across India and the global Bengali diaspora. Owned by SVF Entertainment, the platform offers exclusive web series, blockbuster films, classic cinema, music, and original productions. Hoichoi has played a significant role in expanding Bengali digital entertainment through premium subscription content. It collaborates with leading Bengali filmmakers, actors, and production houses to deliver fresh original programming. The platform has gained popularity for its crime thrillers, dramas, and literary adaptations. Today, Hoichoi remains the largest dedicated OTT platform focused exclusively on Bengali-language entertainment.
10. Rusk Media Private Limited (Rusk Media)
City: Mumbai
Founded: 2019
FY2025 Revenue: ₹82 Cr
Latest Valuation: ₹421.26 Cr (25 Feb 2026)
About the company
Rusk Media is a digital entertainment company focused on creating content for Gen Z and millennial audiences. The company develops original web series, short-form videos, creator-led content, and influencer-driven entertainment across digital platforms. It operates multiple content brands spanning lifestyle, comedy, relationships, gaming, and youth culture. Rusk Media combines technology, data analytics, and audience insights to create highly engaging digital content. The company has partnered with leading brands for branded entertainment and creator collaborations. As India’s creator economy expands, Rusk Media continues to strengthen its position as a next-generation digital media company.
Key Takeaways
- Netflix India leads the list with ₹3,842 Cr in FY2025 revenue, followed by JioHotstar at ₹2,187 Cr, highlighting the dominance of large-scale subscription and sports-led streaming platforms.
- Regional OTT platforms such as Aha, ManoramaMAX, and Hoichoi continue to demonstrate that language-focused content remains a significant growth driver.
- Digital-native companies like TVF, Stage, and Rusk Media have successfully built strong businesses around original, creator-led, and regional storytelling.
- As competition intensifies, India’s OTT ecosystem is increasingly being shaped by exclusive content, regional expansion, sports rights, and diversified subscription models rather than scale alone.
Conclusion
India’s OTT industry continues to witness remarkable growth, driven by rising internet penetration, increasing smartphone adoption, and strong demand for digital content across languages and regions. While Netflix India and JioHotstar dominate the market with substantial revenues, regional platforms such as Aha, Hoichoi, and ManoramaMAX have demonstrated that localized content remains a powerful growth driver. At the same time, digital-first companies like TVF, Stage, and Rusk Media are reshaping the industry through original, creator-led, and niche content strategies.
As competition intensifies, success in India’s OTT ecosystem will increasingly depend on exclusive content, regional expansion, technological innovation, and sustainable subscription models. With millions of new viewers expected to join the digital entertainment landscape in the coming years, India’s unlisted OTT companies are well-positioned to play a pivotal role in shaping the future of the country’s streaming industry.
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