Mumbai: Universal Music India (UMI), a division of Universal Music Group (UMG), the world’s leading music-based entertainment company, has entered into a definitive agreement to acquire a significant minority stake in Excel Entertainment, one of India’s foremost film and digital content studios. The transaction values Excel Entertainment at ₹2,400 crore (~€257 million), with UMI acquiring a 30% equity stake.
The investment marks the beginning of a strategic partnership aimed at accelerating Excel Entertainment’s growth while strengthening Universal Music India’s presence in one of the world’s fastest-growing and most strategically important entertainment markets.
Founded by Ritesh Sidhwani and Farhan Akhtar, Excel Entertainment has played a defining role in shaping contemporary Indian cinema and original digital content, consistently pushing creative boundaries and delivering globally benchmarked storytelling. In addition to films and digital series, Excel has built a strong legacy in music, particularly musical dramas—an enduring and culturally significant genre in India.
Under the agreement, Universal Music Group will gain global distribution rights for all future original soundtracks created for projects owned or controlled by Excel Entertainment. The partnership also includes the launch of a dedicated Excel music label, which will be globally distributed by UMG. Further strengthening the collaboration, Universal Music Publishing Group will become Excel’s exclusive music publishing partner, opening new opportunities for UMG and UMI artists and repertoire to feature across Excel’s future productions.
As part of the transaction, Devraj Sanyal – Chairman and CEO of Universal Music India & South Asia and SVP of Strategy, Africa, Middle East and Asia – will join Excel Entertainment’s Board of Directors. Excel’s founders will continue to retain creative control and lead content and storytelling decisions.
Commenting on the partnership, Ritesh Sidhwani and Farhan Akhtar, Founders of Excel Entertainment, said, “India’s entertainment landscape continues to grow from strength to strength, and this is the perfect moment to build meaningful global collaborations. We’re excited to partner with UMG in what we believe will be a truly creative and transformative alliance—one that unlocks fresh opportunities for artists and repertoire across music, film, and emerging formats. Together, we aim to take culturally rooted stories to the world.”
Vishal Ramchandani, CEO, Excel Entertainment, added, “This partnership with UMG marks a pivotal step in our journey to broaden creative opportunities and tell Indian stories with a global lens. With a shared vision for innovation and excellence, we aim to transform Excel into a creative global studio—one that brings clutter-breaking, original content to audiences across platforms and geographies.”
Highlighting the strategic significance of the deal, Adam Granite, CEO of Africa, Middle East and Asia (AMEA), Universal Music Group, said, “Today’s announcement further strengthens UMG’s position in India, a dynamic and strategically important music market for the group globally. Original soundtracks remain at the heart of India’s fast-growing music market, with Indian listeners showing a growing desire to access more music in that genre. By investing in and partnering with Excel Entertainment, UMG will be uniquely positioned to contribute from the earliest stage to Excel’s future endeavours and throughout the creative process, providing huge benefits to both parties.”
Devraj Sanyal added, “Farhan and Ritesh have built an exceptionally impressive business, and we’re thrilled to be working with them on the next phase of their journey. The Indian film scene presents a hugely exciting opportunity for music and the music-led entertainment business, and Excel is the perfect partner for us to work with going forward.”
India currently ranks as the world’s 15th-largest recorded music market by revenues, according to IFPI data, supported by deep linkages between the audio-visual and music ecosystems. With over 375 million OTT viewers and approximately 650 million smartphone users, the Indian entertainment market continues to present significant long-term growth opportunities. Original soundtracks, which enjoy high repeat listenership, remain central to shaping popular culture in the country.
Founded in 1999, Excel Entertainment has released over 40 films and original scripted series, earning more than 60 industry awards. Its celebrated portfolio includes Dil Chahta Hai, Lakshya, Don, Zindagi Na Milegi Dobara, Gully Boy, and acclaimed digital series such as Inside Edge, Mirzapur, Made in Heaven, Dahaad, and Dabba Cartel.
For the transaction, AZB & Partners acted as legal counsel to Universal Music Group. Ernst & Young and KPMG served as transaction advisors to Excel Entertainment and Universal Music Group respectively, while Morgan Stanley acted as financial advisor to Excel Entertainment. Khaitan & Co served as legal counsel to Excel Entertainment.
