Phantom Studios
Phantom Studios is an Indian film production and distribution company originally founded as Phantom Films in 2011 by directors Anurag Kashyap, Vikramaditya Motwane, and Vikas Bahl, alongside producer Madhu Mantena.[1] The company initially focused on fostering independent cinema, producing critically acclaimed films that introduced a new wave of storytelling in Bollywood.[1] Following internal disputes over finances and creative differences, Phantom Films dissolved in 2018, but was revived in 2022 by Madhu Mantena and Sheetal Talwar, who acquired stakes from the other founders.[2] In October 2024, Sheetal Talwar assumed full ownership by purchasing Mantena's remaining stake, with Srishti Behl serving as CEO.[3] Under its current structure, Phantom Studios is developing a diverse slate of theatrical releases aimed at entertaining and enduring content.[4]History
Establishment
Phantom Films, legally incorporated as Phantom Studios India Private Limited on December 30, 2010, was founded in 2011 by directors Anurag Kashyap, Vikramaditya Motwane, Vikas Bahl, and producer Madhu Mantena.[5][6] The venture emerged as a collaborative effort among these filmmakers to establish a production house prioritizing creative control and content-driven narratives over star-centric Bollywood conventions.[7] Described as the "directors' company," it aimed to foster independent filmmaking by pooling resources and expertise from its founding members, who had previously gained recognition through projects like Peepli Live (Kashyap) and Udaan (Bahl).[8] The establishment reflected a shift toward auteur-led production in Indian cinema, with the founders seeking to avoid the financial and artistic constraints of traditional studios. Initial operations focused on developing scripts and securing funding for mid-budget films that emphasized storytelling and direction rather than commercial formulas. By 2013, Phantom Films Productions Private Limited was formally registered to handle specific production activities, marking the operational launch of the banner.[9] This structure allowed the company to produce its debut projects, setting the stage for a portfolio of critically acclaimed works.[10]Expansion and Key Productions (2010-2017)
Phantom Films initiated its production slate with Lootera in 2013, a period drama directed by co-founder Vikramaditya Motwane and starring Ranveer Singh and Sonakshi Sinha, which marked the company's entry into feature films emphasizing narrative-driven independent storytelling.[11] This was followed by Anurag Kashyap's Ugly in December 2013, a dark thriller examining desperation and corruption amid a child's abduction, noted for its raw portrayal of human flaws despite limited commercial reach.[12] The company's portfolio diversified in 2014 with Queen, directed by Vikas Bahl and featuring Kangana Ranaut in a breakout role as a self-empowered woman on a solo honeymoon, achieving both critical acclaim and box-office earnings exceeding ₹60 crore worldwide.[11] Expansion accelerated in 2015 through a 50-50 joint venture with Reliance Entertainment, aimed at producing five to six films annually to blend indie sensibilities with broader market access.[13] That year saw releases like Masaan, a dual narrative on societal taboos co-produced with Sikhya Entertainment and winning awards at Cannes' Un Certain Regard section, alongside the ambitious but underperforming Bombay Velvet, a ₹100 crore-plus period film directed by Kashyap that highlighted risks in scaling to high-budget spectacles.[12][11] Further growth included ventures into regional cinema, such as a 2016 announcement to co-produce three Gujarati films with Cine Man Productions to tap Gujarat's market.[13] Key 2016 productions encompassed Udta Punjab, a drug-abuse drama facing censorship battles yet grossing over ₹60 crore, and Raman Raghav 2.0, a psychological crime film starring Nawazuddin Siddiqui that underscored Phantom's focus on gritty, auteur-led content.[12] The period closed with Trapped in March 2017, Motwane's survival thriller starring Rajkummar Rao, emphasizing resourcefulness in urban isolation and reinforcing the company's reputation for unconventional narratives amid internal strains that foreshadowed later dissolution.[14] By 2017, Phantom had backed over a dozen features, prioritizing director autonomy over formulaic commercialism, though financial inconsistencies in hits versus flops tested sustainability.[11]Dissolution
In October 2018, after seven years of operation, Phantom Films' co-founders—Anurag Kashyap, Vikramaditya Motwane, Vikas Bahl, and Madhu Mantena—announced the dissolution of the production house, citing a mutual decision to pursue individual creative paths.[13][15] The partnership, formed in 2011, had produced and distributed notable independent films such as Udaan, Queen, and Udta Punjab, but internal dynamics and external pressures led to its end.[11] No ongoing projects were explicitly transferred in the announcement, though assets and intellectual property were reportedly divided among the founders.[16] The dissolution occurred against the backdrop of India's #MeToo movement, which gained momentum in 2018 with widespread allegations of sexual misconduct in the film industry. Vikas Bahl faced accusations from a former female employee of attempted sexual assault during the 2015 production of Super 30, though the claims surfaced publicly in September 2018 via social media and media reports.[1] In response, Phantom Films issued a statement in July 2018 condemning Bahl's alleged behavior, asserting the company was unaware of the incidents at the time, and declaring it would not collaborate with him further while emphasizing a zero-tolerance policy.[17] Bahl denied the allegations, claiming they stemmed from a consensual relationship that ended poorly, but the controversy strained the collective's operations and public image.[14] Beyond the scandal, co-founder Vikramaditya Motwane later reflected in 2023 that the partners could have managed the crisis more effectively, potentially preserving the entity, but differing visions and handling of the fallout proved insurmountable.[17] Anurag Kashyap, in a 2024 interview, described the closure as "heartbreaking," attributing it partly to financial disputes and shifting priorities among the founders, including ego clashes that had simmered since at least 2017.[1] The company's final releases under the Phantom banner included Mukkabaaz and High Jack in early 2018, marking the end of its collaborative model without immediate successor structure.[14]Revival and Recent Developments
Following the dissolution of Phantom Films in 2018 amid financial difficulties and internal disputes, the company was revived in early 2021 when producers Madhu Mantena and Sheetal Talwar acquired the stakes held by co-founders Anurag Kashyap, Vikas Bahl, and Vikramaditya Motwane, restructuring it into equal ownership between the two.[18] The revival was formalized in March 2022, with the entity rebranded as Phantom Studios to signal a fresh operational phase independent of its prior structure, focusing on production and distribution of feature films.[2] Under the new leadership, Phantom Studios pursued selective projects, including the acquisition of remake rights for the Tamil film Love Today (2022) in February 2023, partnering with AGS Entertainment for a Hindi adaptation aimed at theatrical release.[19] Operations emphasized content-driven narratives, leveraging the founders' industry networks while navigating post-pandemic market challenges in Indian cinema. In October 2024, Sheetal Talwar, through her Vistaar Group, assumed full ownership by purchasing Mantena's remaining 30% stake, consolidating control and appointing Srishti Behl as CEO to oversee expansion.[3] Recent developments include the announcement in November 2024 of a diverse slate of upcoming theatrical projects, targeting pan-Indian audiences with a mix of genres, as revealed by Behl at the Times Now Centre for Cinema Fest.[4] This positions Phantom Studios for renewed growth in a competitive landscape dominated by streaming platforms and multiplex recoveries.Operations and Business Model
Production Approach
Phantom Films, established in 2010 by directors Anurag Kashyap, Vikramaditya Motwane, and Vikas Bahl alongside producer Madhu Mantena, adopted a director-driven model focused on content over commercial viability, prioritizing original scripts and emerging talent in independent cinema.[20][21] This approach emphasized gritty, realistic narratives that challenged Bollywood's formulaic conventions, such as those in films like Ugly (2014) and Masaan (2015), often produced on modest budgets to allow creative risks without reliance on star power or mass-market appeal.[22][23] A key element involved fostering genre experimentation, particularly thrillers and horror, through strategic partnerships; for instance, a 2014 multiyear pact with Blumhouse Productions and Ivanhoe Pictures enabled Phantom to apply a low-cost, high-concept framework—empowering filmmakers with resources for local-language productions while granting substantial creative autonomy to pursue personal genre visions.[24] This model supported varied content, from road thrillers like NH10 (2015) to dark serial killer dramas like Raman Raghav 2.0 (2016), aiming to nurture "strong content-driven films" that prioritized storytelling integrity.[25][26] Following the company's 2018 dissolution amid internal challenges and its 2023 revival as Phantom Studios under new leadership including CEO Srishti Behl, the production philosophy evolved to center on "the most creatively ambitious projects" for theatrical releases, emphasizing original stories that transcend linguistic barriers and build urgency via peer-driven audience recommendations rather than trend-chasing.[4] This iteration maintains a commitment to diverse, impactful narratives while adapting to market demands for cinema experiences that foster enduring engagement, as evidenced by planned slates blending ambition with broad accessibility.[27][4]Distribution and Partnerships
Phantom Films, operating as Phantom Studios following its revival, primarily distributed its productions through strategic partnerships that expanded reach in Indian theatrical markets, international territories, and digital platforms. These alliances enabled co-financing, marketing, and syndication, compensating for the company's focus on independent, content-driven projects that often eschewed conventional blockbuster distribution models.[28] A pivotal partnership formed in March 2015 with Reliance Entertainment, establishing a joint venture to co-produce 5-6 films annually while managing theatrical distribution in India and overseas, alongside rights syndication for television and digital media. This collaboration leveraged Reliance's established infrastructure to handle releases such as Udta Punjab (2016) and Trapped (2017), broadening Phantom's access to multiplex chains and export markets.[29][28] In September 2014, Phantom entered a multiyear production and distribution pact with Blumhouse Productions and Ivanhoe Pictures, targeting Hindi-language horror and thriller genres tailored for Indian audiences, with plans for localized marketing and theatrical rollouts supported by the partners' global networks.[24] Phantom also pioneered digital distribution through its June 2016 deal with Netflix for the series Sacred Games, which handled global streaming rights and promotion, representing Netflix's inaugural Indian original production and achieving over 21 million household views in its first month post-release.[30]Financial Structure and Challenges
Phantom Films was established as a private limited company in 2011 by directors Anurag Kashyap, Vikramaditya Motwane, Vikas Bahl, and producer Madhu Bhojwani, operating initially as a directors' collective with a focus on independent cinema production.[31] Its authorized share capital was ₹200 lakh, fully paid up, supporting a model centered on project-specific financing through director tie-ups, distributor advances, and box office shares rather than broad institutional funding.[32] In March 2015, Reliance Entertainment acquired a 50% stake, forming a joint venture to enhance financial backing, distribution reach, and risk-sharing for higher-budget projects.[33] This structure mitigated some cash flow volatility inherent in content-driven films but exposed the company to partner dependencies and market fluctuations. Financial challenges emerged from the high-risk nature of independent productions, where successes like Queen (2014) and Udta Punjab (2016) were offset by inconsistent returns and escalating costs. Internal tensions over profit allocation and creative control intensified, culminating in the partnership's dissolution on October 6, 2018, after seven years.[15] Anurag Kashyap later described the split as "heartbreaking," attributing it partly to how "when it comes to money, everybody changes," amid ego tussles and monetary disputes.[1] Industry sources highlighted broader internal politics and financial disagreements as factors, compounded by a sexual harassment allegation against Vikas Bahl in 2018, which strained operations despite legal advice against immediate action.[11][34] Post-dissolution, Income Tax Department raids on March 3, 2021, targeted Phantom's former promoters and linked entities, alleging ₹650 crore in income discrepancies through box office suppression and under-valuation of share transactions among directors.[35][36] These claims, based on evidence of unreported collections and manipulative dealings, underscored systemic financial opacity in the venture, though Kashyap maintained he was not involved in day-to-day finances.[37] The revival as Phantom Studios in 2022 sought to realign under a restructured model, potentially leveraging prior assets and partnerships, but faced ongoing scrutiny from these irregularities without disclosed new funding mechanisms.Filmography
Feature Films Produced
Phantom Studios, operating initially as Phantom Films from 2013 to 2018, produced several Hindi-language feature films noted for blending independent sensibilities with commercial elements.[12] These included period dramas, thrillers, and social commentaries, often directed by collaborators or co-founders.[4] The company's inaugural production was Lootera (2013), a period romance directed by co-founder Vikramaditya Motwane, set in 1950s India and starring Ranveer Singh and Sonakshi Sinha.[38] Subsequent releases encompassed Hasee Toh Phasee (2014), a romantic comedy directed by Vinil Mathew; Ugly (2014), a neo-noir thriller helmed by Anurag Kashyap; and Queen (2014), a coming-of-age road trip film directed by Vikas Bahl, which achieved commercial success with over ₹97 crore in worldwide gross.[12] Further productions in 2015 included NH10 (directed by Navdeep Singh), a survival thriller; Masaan (directed by Neeraj Ghaywan), which premiered at Cannes and earned National Film Awards; Bombay Velvet (directed by Anurag Kashyap), a 1970s-set crime epic; and Shaandaar (directed by Vikas Bahl), a romantic comedy starring Shahid Kapoor and Alia Bhatt.[12] In 2016, the slate featured Udta Punjab (directed by Abhishek Chaubey), addressing drug abuse in Punjab and facing censorship battles before release, and Raman Raghav 2.0 (directed by Sriram Raghavan), a psychological crime film starring Nawazuddin Siddiqui.[12] Following the company's partial revival post-2018 under new ownership, Phantom Studios co-produced Super 30 (2019), a biographical drama directed by Vikas Bahl about mathematician Anand Kumar, grossing over ₹200 crore worldwide in collaboration with Reliance Entertainment.[39] Additional credits include the Netflix release Ghoomketu (2020), a satirical comedy directed by Pushpendra Nath Mishra.[40] As of 2025, the studio is developing new theatrical projects, though specific completed feature films from the revived era remain limited.[4]| Year | Title | Director |
|---|---|---|
| 2013 | Lootera | Vikramaditya Motwane |
| 2014 | Hasee Toh Phasee | Vinil Mathew |
| 2014 | Ugly | Anurag Kashyap |
| 2014 | Queen | Vikas Bahl |
| 2015 | NH10 | Navdeep Singh |
| 2015 | Masaan | Neeraj Ghaywan |
| 2015 | Bombay Velvet | Anurag Kashyap |
| 2015 | Shaandaar | Vikas Bahl |
| 2016 | Udta Punjab | Abhishek Chaubey |
| 2016 | Raman Raghav 2.0 | Sriram Raghavan |
| 2019 | Super 30 | Vikas Bahl |
| 2020 | Ghoomketu | Pushpendra Nath Mishra |
Feature Films Distributed
Phantom Films distributed select independent feature films in India, distinct from its primary production slate, to bolster the visibility of niche content such as documentaries and comedies. This approach allowed the company to tap into underserved markets, including award-winning documentaries and satirical thrillers, often releasing them on limited screens to gauge audience interest.[41][42] In 2014, Phantom Films acquired distribution rights for the Hindi documentary Katiyabaaz, directed by Deepti Kakkar and Fahad Mustafa, which explores electricity theft and power shortages in Kanpur. The film, previously titled Powerless internationally, premiered theatrically on August 22 across approximately 30-40 screens, marking a rare commercial push for a documentary in mainstream Hindi cinema.[41][42]| Year | Title | Language | Director(s) | Key Details |
|---|---|---|---|---|
| 2014 | Katiyabaaz | Hindi | Deepti Kakkar, Fahad Mustafa | Documentary; released August 22 on 30-40 screens; focuses on urban power crisis.[41][42] |
| 2016 | Tere Bin Laden: Dead or Alive | Hindi | Abhishek Sharma | Comedy-thriller; stars Manish Paul; worldwide theatrical distribution; released February 26.[43][44] |
Television and Digital Series
Phantom Films expanded into digital content production through a partnership with Netflix, announcing on June 6, 2016, their first original Indian series, Sacred Games, adapted from Vikram Chandra's novel of the same name.[45][30] The series, co-directed by Vikramaditya Motwane and Anurag Kashyap, featured Nawazuddin Siddiqui as police inspector Sartaj Singh and Saif Ali Khan as gangster Ganesh Gaitonde, blending crime thriller elements with themes of Mumbai's underworld and existential dilemmas.[13] Motwane served as showrunner for the eight-episode first season, which premiered globally on Netflix on July 6, 2018, marking the platform's inaugural commissioned series from India.[45] The production involved collaboration with international talent, including writers from The Wire and Narcos, to adapt the 900-page source material into a bilingual Hindi-English narrative spanning two timelines.[13] A second season, produced under Phantom Films before its 2018 dissolution, released on August 15, 2019, extending the storyline with additional directors like Neeraj Ghaywan and Karan Anshuman.[13] Earlier, in 2016, Phantom Films announced a collaboration with Big Synergy to develop television and digital projects following the release of Udta Punjab, though specific outputs beyond Sacred Games from this partnership remain limited in public record.[46] Post-revival as Phantom Studios in 2022 under Madhu Mantena and Sheetal Talwar, the company has prioritized theatrical films, with no major television or digital series announced as of 2024.[2] Sacred Games represented Phantom's primary foray into serialized digital storytelling, leveraging streaming platforms to reach international audiences amid India's growing OTT market.[13]Reception and Impact
Commercial Performance
Phantom Studios, through its predecessor Phantom Films, has overseen a portfolio of films with disparate box office results, characterized by occasional moderate successes overshadowed by frequent underperformances, particularly for mid-budget, narrative-driven projects targeting niche audiences rather than mass markets.[12] The company's releases often prioritized artistic merit over broad commercial viability, leading to verdicts of flop or disaster for several titles in the Indian market, where theatrical earnings are predominantly nett figures excluding taxes.[12] Key examples illustrate this pattern. 83 (2021), a co-production involving Phantom-associated producer Madhu Mantena, achieved the highest worldwide gross in the company's history at approximately ₹187 crore (India nett: ₹123.64 crore; overseas: ₹63.32 crore), yet failed to break even against its substantial budget due to high production and marketing costs.[47] In contrast, Bhavesh Joshi Superhero (2018) collected just ₹1.46 crore nett in India, classified as a disaster, while Mukkabaaz (2018) earned ₹10.63 crore nett, deemed a flop.[12] Other releases like High Jack (2018) managed only ₹0.35 crore nett, further highlighting challenges in translating critical potential into revenue.[12]| Film | Release Date | India Nett (₹ Cr) | Verdict |
|---|---|---|---|
| Bhavesh Joshi Superhero | 01 Jun 2018 | 1.46 | Disaster |
| High Jack | 18 May 2018 | 0.35 | Disaster |
| Mukkabaaz | 12 Jan 2018 | 10.63 | Flop |