Mumbai: At a time when confidence to finance fresh films is low and the pool of film financing has shrunk, the Hindi film industry is witnessing a gradual increase in independent film producers - without the backing of studios - who are collaborating based on their skills and core competencies to make films.

Hansal Mehta, known for films such as Shahid (2013), Citylights (2014) and Aligarh (2015), along with his partner Sahil Saigal, launched a production house - True Story Films. This production house has received investments from producers Vinod Bhanushali and Parag Sanghvi. Mantraa Luminosity, a film marketing and distribution company known for releases like Sulemani Keeda (2014) and La La Land (2016) as well as the marketing of Lakshmi (2014) in India, has now diversified into film production. The company launched a production house, Mayavi Entertainment, which is aiming to produce at least four films in 2025.

"The industry is going through an incredible shift as it is breaking long-standing patterns. A space is created for new voices to emerge, particularly independent producers who champion a culture of collaboration and teamwork," said Shikha Kapur, founder of Source Global, a content studio.

Echoing a similar sentiment, Rahul Merchant, managing partner of Mayavi Entertainment, said: "Independent producers who are guided by passion and are open for skillful, strategic collaborations are needed more now than ever. We are seeing more independent producers collaborating with each other based on their synergies."

Producers seek funding through various routes. These include collaborating with studios, selling rights - digital, music, overseas dubbing and satellite - bank loans (interest rates are as high as 12%) and private financing (two times the bank rates). They also raise funds from long-term private equity investors by offering stakes in their production companies, wealthy individuals and even friends.

After the pandemic, independent producers suffered huge losses as the economics of making Hindi films changed significantly. But in recent years, two favourable developments have provided renewed confidence for them. One is the improving footfalls in theatres, as indicated by the huge success of the Hindi-dubbed Pushpa 2 and the performance of the Sky Force. The other development that these producers consider encouraging is streamers using box office performance as the sole yardstick to buy films.

"The sentiment in the industry is changing. Footfalls in theatres are improving. Recent films have shown reasonably good performance," producer and film business expert Girish Johar said. "These facts have provided confidence to independent producers who are passionate about their stories to collaborate. I see more synergetic collaborations between independent producers."

Sector experts are of the view that increasing collaborations among independent producers will start bearing fruit in terms of new releases in 2026 as films will go on the floors in 2025.

Karmic Films cofounder and director Suniel Wadhwa said: "This is an era of coexistence. Today, independent producers are no longer solely dependent on traditional studios to greenlight projects. With evolving audience preferences, new funding avenues, and technological advancements, independent producers are driving fresh narratives and innovative business models while still working alongside studios to maximize scale and reach."

Even though the rise of independent producers is reshaping the industry, studios still remain an integral part of the production ecosystem, he added.

A studio makes four to five films a year in Hindi. Some 400-500 Hindi films are produced annually. This shows that there is tremendous potential for independent producers to collaborate and make films.

Anand Pandit is all set to begin 2023 on a high note. The producer is joining hands with Eros International and Parag Sanghvi to produce a sequel to Desi Boyz and the remake of Omkara, two blockbusters that enjoy huge public recall and have great nostalgic value.

Sunil Lulla, Chairman, Eros International, says, “We are excited to collaborate with Anand bhai to revive the magic of these films that have remained indelible in our memories. We have often wondered what happened to our favourite cinematic characters and if their journey took them in surprising directions. These films will answer many such questions. We will work together to ensure that the essence of these classics remains untouched, even as we infuse new energy and fresh vibrance in them.”

Talking about the collaboration, Anand Pandit shares, “These two films — Omkara and Desi Boyz — were trailblazers for their storytelling, star cast and music. They remain unforgettable for their command over their respective genres. They have a huge following for different reasons and it seemed like the perfect time to revisit these hits and take their stories forward for a new generation of viewers.”

Parag Sanghvi says, “I am thrilled to be a part of these amazing projects. It will be exciting to take the legacy of these films forward. The partnership with Eros International is very strategic, as they are best placed in India to maximise distribution and marketing, including on digital platforms globally.”

Desi Boyz (2011), a romantic comedy, was directed by Rohit Dhawan, son of director David Dhawan. The film starred Akshay Kumar, John Abraham, Deepika Padukone and Chitrangda Singh in lead roles, while Sanjay Dutt featured in an extended cameo.

Omkara, a 2006 Indian crime drama adapted from William Shakespeare’s Othello, was co-written and directed by Vishal Bhardwaj. It was headlined by some of Bollywood’s top stars, including Ajay Devgn, Kareena Kapoor Khan, Saif Ali Khan, Konkona Sen Sharma, Vivek Oberoi and Bipasha Basu.

Mumbai: Film producer Parag Sanghvi, arrested in a Rs 13.7-crore cheating case, has been remanded in judicial custody. Sanghvi, who is the CEO of Alumbra Entertainment, is one of the partners in a construction firm, along with Jitendra Jain, the director of Kamla Landmarc. Jain was arrested by the Economic Offences Wing (EOW) in 2016 for allegedly cheating home buyers; later, multiple FIRs were registered against him and his company.

Sanghvi, arrested on Monday by a special investigating team (SIT) of the EOW, was on Saturday produced before the holiday court. His judicial custody will be till January 7. During the course of investigations, the police had summoned Sanghvi’s chartered accountant, who was asked to produce documents including Sanghvi and his firm’s balance sheet, bank statement, transaction invoices, and income tax returns.

“While reviewing the documents, the accused informed us that the money received from Kamla Landmarc was transferred to the firm PB Lifestyle. He then allegedly invested money in four different companies in which he suffered huge losses,” said an officer.

The police said that in all, five offences are registered against Sanghvi. He has been charge-sheeted in two; three are pending, said the police. The fresh case pertains to a complaint by Sujal Developers, who had purchased three flats in 2013 at Turner Road from Kamla Infra and Kamla Landmarc Properties, both companies belonging to the Kamla Landmarc Group.

On Jain’s request, the complainant rented out the three flats to Alumbra and Metalica Pvt Ltd. Though the flats were on rent, without the complainant's knowledge, Jain, Sanghvi and a few others sold these to a third party and caused an alleged loss of over Rs 13.7 crore.

“At the time of purchase, Jain had offered the complainant handsome rents for these units. A11-month leave and license agreement for three units was signed between the complainant and Jain’s sister companies, Alumbra and Metallica,” said an officer.

--------------------------