Sheetal Talwar acquires full control of Phantom Studios, buys out Madhu Mantena’s 30Percent stake

The deal values Phantom Studios at an enterprise valuation of ₹200 crore. The company will continue to operate under the leadership of chief executive officer (CEO) Srishti Behl.

Phantom Studios has undergone several ownership changes over the years. Founded in 2011 by filmmakers Vikas Bahl, Vikramaditya Motwane, Anurag Kashyap and Mantena (through Bigbang Media Ventures), the studio quickly gained recognition with films like Lootera, Queen, NH10, Masaan and Udta Punjab. Initially, the four founders held an equal 25% stake in the company.

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In 2015, Anil Ambani’s Reliance Entertainment acquired a 50% stake in Phantom, reducing the original founders’ shares to 12.5% each. However, internal disputes and allegations led to the disbanding of Phantom Films, with each founder moving on to individual projects. Mantena and Talwar later bought out Bahl, Motwane and Kashyap’s stakes, while Reliance Entertainment retained its 50%.

The turning point came after a legal battle with Ambani’s Reliance ADAG Group, which eventually agreed to transfer the Phantom brand, its film library and ₹85 crore in cash to the new promoters in 2022, Talwar said.

“We bought out the remaining three shareholders in 2021, and now Vistaar has acquired Madhu’s stake as well," Talwar told Mint. “Phantom Studios is now fully owned by Vistaar Group."

Mantena’s exit

Confirming his decision to exit Phantom, Mantena said, “I’m extremely proud of the depth we’ve built at Phantom over the years. However, at Bigbang Media Ventures, we are now focusing on multiple production platforms, and to maximise our creative focus and financial efficiency, we decided to consolidate our efforts. This led to my exit from Phantom. We hope to continue working with them through co-productions."

Bigbang Mediaverse, Mantena’s company, currently operates platforms like Madman, Mythoverse and Allu Mantena, a joint venture with Allu Arvind’s Allu Entertainment.

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Looking ahead, Talwar said Phantom Studios’ mission remains the same: to serve as a creative hub for filmmakers to realize their most ambitious projects.

“Phantom will produce three to four films annually, each driven by passion and scale. Our focus is on creating films that resonate deeply with filmmakers and audiences alike. Srishti will continue to lead this ambitious slate, ensuring we push the boundaries of content creation," Talwar said.

Phantom Studios will also continue its collaborative approach through Vistaar’s company ‘Cinergy’, which will be a part of Phantom Studios. Cinergy has co-produced films like Khuda Haafiz and Singham. Talwar highlighted that Cinergy enables Phantom to partner with other production houses, further expanding its creative reach.

Talwar added that Phantom will have a peak funding requirement of no more than $12-13 million and will remain self-sustaining.

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