Vasu, a struggling painter, meets Maya, a mysterious gypsy girl who lives beneath the Kerala backwaters. Maya inspires Vasu to create soulful paintings as the two form a connection which will inevitably change his life.

"Olu" (She) is the tale of a Gypsy girl who mysteriously survives under the Kerala backwaters where she has been sunk by her rapists. Only during full moon nights, can she see the world above water. It is on such a night that she happens to 'meet' Vasu, a young untalented painter, rowing his boat. Out of love, she empowers him to create paintings that will change his life. But their contrasting inner visions of love may remain unbridgeable.