Pooja Entertainment sells office, slashes workforce amid ₹250cr debt: Report
What's the story
Vashu Bhagnani, founder of Pooja Entertainment, has reportedly sold the company's seven-floor office and laid off 80% of its staff following a series of box office failures, reported Bollywood Hungama. The production company, known for blockbusters like Coolie No.1 and Biwi No.1, has been forced to downsize due to recent financial setbacks. Trade sources reveal that Bhagnani sold his office building to an undisclosed builder for a luxury residential project.
Downsizing
Bhagnani took this step to address ₹250cr debt
Following a series of setbacks, nearly 80% of the workforce was allegedly laid off starting January 2024, exacerbated by the shelving of a Tiger Shroff-starrer after a prolonged struggle. The office has reportedly been been downsized to a two-bedroom flat in Juhu. Further reductions followed in April, coinciding with the disappointing performance of Bade Miyan Chote Miyan, which grossed only ₹59.17cr against a budget of ₹350cr. To address debts amounting to around ₹250cr, Bhagnani reportedly took this step.
Troubles begin
Financial struggles traced back to 2021 release
A source told Bollywood Hungama that Pooja Entertainment's financial troubles began with the release of Akshay Kumar-led Bell Bottom in 2021. This film was one of the first Hindi movies released post-COVID-19 pandemic and did not perform well at the box office. Subsequent films like Kumar's Mission Raniganj and Shroff's Ganapath—both released in 2023—also underperformed, leading to further financial strain on the company.
Accusations
Meanwhile, company faced multiple accusations of non-payment
On Saturday, crew members of Pooja Entertainment voiced their woes over unpaid salaries on social media. They urged for the company to be "blacklisted" and "banned," alleging that despite promises of payment within 45-60 working days post-work completion, they have yet to receive their dues. One crew member, Ruchita Kamble, took to Instagram to detail her team's struggles, with several film professionals supporting her in the comments.
Future plans
Pooja Entertainment plans reboot despite setbacks
Despite the financial setbacks, Pooja Entertainment is not shutting down. Bhagnani and his son Jackky Bhagnani are reportedly planning to reboot operations and have already begun discussions for new projects. They are also proceeding with Shahid Kapoor's Ashwatthama project, which was announced a few months ago. As for the company, Pooja Entertainment has produced around 40 movies, including successful films like Rehnaa Hai Terre Dil Mein. However, the company's success ratio has been overshadowed by its box office failures.