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Universal Music buys into Excel Entertainment in biggest Bollywood deal yet
At ₹2,400 crore, Farhan Akhtar's Excel Entertainment now has a valuation higher than that of Karan Johar's Dharma Productions.
Farhan Akhtar's Excel Entertainment Pvt. Ltd. has sold a minority stake to Universal Music Group NV's India unit, in a deal that pegs the valuation of the production company more than that of Karan Johar's Dharma Productions.
The Hilversum, Netherlands-based company has agreed to invest ₹7,200 crore for a 30% stake, valuing the Mumbai-based production house at ₹2,400 crore, according to a joint statement on Monday (5 January 2026).
The deal, largest for a production house in Bollywood, will form a “strategic partnership” to accelerate Excel’s growth as well as further boost Universal Music’s position in the “important” India market, it said.
Founded by childhood friends and now moviemakers Ritesh Sidhwani and Farhan Akhtar in 1999, Excel Entertainment produced its first film ‘Dil Chahta Hai’ in 2001. The movie also marked Akhtar's directorial debut. Since then, the duo has produced box-office hits such as ‘Don’ to ‘Gully Boy’ and ‘Zindagi Na Milegi Dobara’. The company has ventured successfully into the OTT space, producing shows like ‘Mirzapur’, ‘Made in Heaven’ and ‘Dabba Cartel’.
The deal is the second in recent years where an Indian production house has received funding from external investors, as Bollywood largely struggles with delivering big-name blockbusters and regional cinema thrives.
Last year, vaccine billionaire Adar Poonawalla’s Serene Productions bought 50% stake in Johar’s Dharma Productions and Dharmatic Entertainment, valuing the Indian studio at ₹2,400 crore.
The Excel deal will give Universal Music global distribution rights for all future soundtracks created for Excel Entertainment’s projects. Excel Entertainment’s music label, which will be launched as a part of the agreement, will also be globally distributed by Universal Music.
