Pooja Entertainment, the production house behind notable films like ‘Bade Miyan Chote Miyan,’ ‘Mission Raniganj,’ ‘Jawaani Jaaneman,’ and ‘Bell Bottom,’ has sold its seven-floor office building to address a significant financial crisis. According to a recent report by Bollywood Hungama, producer Vashu Bhagnani sold the office to pay off a staggering Rs 250 crore debt.
The report reveals that Pooja Entertainment has laid off 80% of its staff, beginning in January 2024 after a two-year struggle to start production on Jagan Shakti’s film starring Tiger Shroff. The layoffs intensified in April, following the release of ‘Bade Miyan Chote Miyan.’
The dire financial situation stems from the massive box office failure of ‘Bade Miyan Chote Miyan,’ which grossed only Rs 59.17 crores against an investment of Rs 350 crores, leading to losses of at least Rs 125-150 crores. This flop forced Bhagnani to sell the office building to settle debts owed to multiple financiers.
Financial troubles for Pooja Entertainment began with the 2021 release of ‘Bell Bottom,’ one of the first Hindi films to hit theaters post-COVID-19, which underperformed at the box office. The subsequent failures of ‘Mission Raniganj’ and the big-budget ‘Ganapath,’ which was even rejected by Netflix, further exacerbated the financial strain on the company.
The report highlights that the heavy investment in ‘Bade Miyan Chote Miyan’ significantly strained Pooja Entertainment’s finances. Despite high hopes that the film, starring Akshay Kumar and Tiger Shroff, would turn the tide for the production house, its failure left Vashu Bhagnani with no option but to sell the building to cover approximately Rs 250 crores in debts.
A source close to the situation revealed that the production house’s financial troubles have been mounting since ‘Bell Bottom.’ The film’s failure, coupled with the subsequent disappointments of ‘Mission Raniganj’ and ‘Ganapath,’ created an unsustainable financial situation for the company. The source added that these setbacks have forced Pooja Entertainment to take drastic measures, including selling its office building and reducing its workforce.
Despite the severe financial setbacks, Vashu Bhagnani and his son Jackky Bhagnani remain determined to reboot operations and work on new projects that could help them recover. They are committed to restructuring Pooja Entertainment and exploring opportunities that could bring the production house back to financial stability.
The report concludes with an optimistic note, highlighting the resilience of Vashu and Jackky Bhagnani. They are focusing on strategic planning and careful project selection to revive Pooja Entertainment. This determination to overcome financial adversity reflects their commitment to the company and the film industry.
As Pooja Entertainment navigates this challenging period, the Bhagnanis’ efforts to rebuild and their strategic focus on new ventures will be crucial in determining the production house’s future. The industry and fans alike will be watching closely to see how Pooja Entertainment adapts and evolves in response to these financial challenges.
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