Producer Vashu Bhagnani made the headlines over the weekend for his production house, Pooja Entertainment’s financial crisis. On Saturday, a crew member of Bade Miyan Chote Miyan accused the production of non-payment of the crew’s dues. To top it off, on Sunday, a report surfaced online that claimed Vashu has a Rs 250 crore debt on his hands and sold the production house’s 7-storey office building to tackle the debt. But who is Vashu Bhagnani? Well, he’s the producer of three of Akshay Kumar’s biggest flops in recent years.
Who is Vashu Bhagnani?
Vashu Bhagnani is the founder of the production house Pooja Entertainment. He began his company in 1986 but it wasn’t until 1995 that he debuted as a producer. He backed Govinda and Karisma Kapoor’s Coolie No. 1, which emerged as one of the biggest hits of that year. He went on to produce and distribute several films in the 1990s. These include Hero No. 1 (1997), Pyaar Kiya To Darna Kya (1998), Biwi No.1 (1999) and Rehnaa Hai Terre Dil Mein (2001).
In recent years, he has produced films such as Jawaani Jaaneman (2020), Bell Bottom (2021), Mission Raniganj (2023)and Ganapath (2023). His last release was Bade Miyan Chote Miyan (2024). His children, Jackky Bhagnani and Deepshikha Deshmukh have been a part of the production company in recent years.
Vashu Bhagnani’s Financial Crisis:
Producer Vashu Bhagnani’s Pooja Entertainment started feeling the financial pinch after the release of Bell Bottom in 2021. The film, one of the first releases after the Covid-19-induced lockdown eased, starred Akshay Kumar, Vaani Kapoor, Lara Dutta, and Huma Qureshi. According to Box Office India, the film’s budget was over Rs 150 crores. Unfortunately, the film did not perform as expected. Bell Bottom collected Rs 50.58 cr worldwide.
In 2023, Pooja Entertainment released two big-budget films. The first film is Mission Raniganj, which starred Akshay Kumar and Parineeti Chopra in the lead. The film reportedly had a budget of Rs 55 crores but collected a lifetime collection of Rs 45.66 cr worldwide. The same year, Pooja Entertainment released the highly-anticipated film Ganapath. The film starred Tiger Shroff and Kriti Sanon. According to Pinkvilla, Ganapath was made on a massive budget of Rs 150 crore. However, the film earned Rs 13.38 cr worldwide.
Bade Miyan Chote Miyan’s Box Office Failure:
However, the biggest blow came in the form of Bade Miyan Chote Miyan. Starring Akshay Kumar and Tiger Shroff, The Indian Express reported that the film was made on a budget of Rs 350 crore. However, the film collected only Rs 102.16 cr worldwide. A source told The Indian Express in April, “Bade Miyan Chote Miyan was mounted at Rs 350 cr. The makers of BMCM are hoping for a rebate from the UK government to scale down the losses, but the overall number would still be in that range– with Bade Miyan Chote Miyan having a bigger share of loss.” This blow has affected Pooja Entertainment.
Vashu Bhagnani’s Rs 250 Cr Debt:
According to Bollywood Hungama, Vashu has a debt of Rs 250 crore following the failure of Bade Miyan Chote Miyan. He reportedly sold the 7-storey office building and laid off 80 percent of the staff. “The firm held out hope that the action entertainer starring Akshay Kumar and Tiger Shroff would turn around its financial situation. However, the historic failure of this Ali Abbas Zafar directorial almost crippled the company. Vashu had no choice but to sell the building to pay off the enormous debt,” the source said.
However, Vashu Bhagnani has yet to react to these reports.
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