Singapore-based private investment firm Callista Capital and Mumbai-based media and television production company RW Media Pvt Ltd, promoted by Reena Wadhwa, have acquired a significant equity stake in independent motion pictures studio Abundantia Entertainment Pvt Ltd for an undisclosed amount, media reports said.
Wadhwa, a former TV actress who had previously acquired a 49 per cent equity stake in Gucci’s India franchise around five years ago, and Callista Capital have together acquired a 49 per cent stake in Abundantia Entertainment, according to The Economic Times.
The funding will be used to support growth plans of Abundantia Entertainment, which was founded by Vikram Malhotra last August. Malhotra was previously COO of Viacom18 Motion Pictures before starting his own venture.
“Our purpose is to create a film business… the funding will fuel our growth plans and we can take sure-footed steps,” Malhotra told Mint.
The studio has a slate of 11 movies, with a combined budget of around Rs 250 crore, till early 2016 and will start releasing from mid-2014, he added.
The film-makers who have joined hands with the studio include Shoojit Sircar (who directed Vicky Donor and Madras Cafe); Nikhil Advani (D-Day and Kal Ho Na Ho); Neeraj Pandey (A Wednesday and Special 26) and Soumik Sen. Abundantia will only co-produce movies across genres.
Malhotra did not divulge details with regards to the amount the company has raised, but some sources told Mint that the two investors have together invested nearly Rs 100 crore.
With the stake acquisition, RW Media will have the veto rights on any capital infusion in Abundantia with two board seats and the right to choose the chief financial officer, while Malhotra will remain CEO of Abundantia.