Money comes to the movies

The recent spate of investments into film and OTT production firms is good news... for now

- VANITA KOHLI-KHANDEKAR

In October 2024, filmmaker Karan Johar sold a 50 per cent stake in family-run Dharma Productions to Serum Institute of India’s CEO Adar Poonawalla for ₹1,000 crore. Around the same time, Baweja Production (Mrs, Chaar Sahibzaade) ‘went public to raise ₹97 crore.

In December 2025, Saregama announced it was forking out ₹325 crore for 28 percent in Sanjay Leela Bhansali’s firm. The filmmaker is known for Hum Dil De Chuke Sanam, Devdas, Bajirao Mastani, Gangubai Kathiawadi and Heeramandi among other titles.

In January 2026, Universal Music India, a division of the €11.8 billion Netherlands-based Universal Music Group decided to pick up a 30 per cent stake in Ritesh Sidhwani and Farhan Akhtar’s Excel Entertainment for ₹720 crore. That values the studio behind films like Gully Boy, Dil Chahta Hai and Zindagi Na Milegi Dobara and shows like Mirzapur at ₹2,400 crore.

Early this month, Reliance Industries Ltd’s Jio Studios (Dhurandhar, Laapata Ladies etc) acquired a 50.1 per cent equity stake in Sikhya Entertainment (The Lunchbox, Masaan etc) for ₹150 crore.

Add Abundantia Entertainment and Roy-Kapur Films, among the half-dozen production firms in the ₹100-500 crore revenue range that are in active talks to raise capital. Is this the harbinger of scale or the beginning of the end of India’s small, independent film/OTT production firms?

"It is a very positive sign for the content creation industry,” said Siddarth Roy-Kapur, founder and managing director, Roy-Kapur Films. Mihir Shah, vice president, Media Partners Asia explained, “India’s movie studio business has been under pressure due to corrections in satellite and digital rights, uneven box office performance, and a prolonged dry spell in institutional funding.”

The business of making films, TV, streaming shows and micro-dramas needs capital. And it is finally coming in.