Mumbai: VFX company Identical Brains Studios renowned for its innovative and high-quality work in the film and entertainment industry, announced its plans to go public. Leveraging on its presence in Bharat – Mumbai, Lucknow and Palghar, the company is planning to achieve a revenue of up to Rs. 56 crores by 2026. The company has appointed Socradamus Capital Private Limited as the book running lead manager for the IPO.
The Mumbai-headquartered VFX company has posted a revenue of Rs. 20 crores and a profit (PAT) of Rs. 4.9 crores in the fiscal 2023-24 and aims to achieve a revenue of up to Rs. 32 crores in the current financial year.
Identical Brains Studios has a reputation for delivering cutting-edge VFX solutions, collaborating with top-tier studios and streaming giants. The company has worked on 12 Hollywood projects, 54 Bollywood movies, 45 web series projects, and 18 ad films. Its project portfolio includes high-profile Bollywood releases, such as Crew, Article 370, Satyameva Jayate 2, Bob Biswas, Panipat, A Thursday, Phone Bhoot, and popular OTT web series such as Scam 1992: The Harshad Mehta Story, Indian 2, Bambai Meri Jaan, Adipurush and Rocket Boys. The company has won the coveted Filmfare awards for Best VFX Series for Scam 1992: The Harshad Mehta Story and ‘Rocket Boys’ and won the Dadasaheb Phalke award for Best VFX-Jury for the film ‘Phone Bhoot’.
“Our commitment to innovation and excellence in visual effects has positioned Identical Brains Studios as a preferred partner for some of the biggest names in the entertainment industry,” said Mr. Raghvendra Rai, Founder & Managing Director, Identical Brains Studios. “With India becoming an outsourcing hub for the global VFX industry, we are poised to unlock our true potential in the next few years. As we embark on a transformational journey to turn the company into a global VFX powerhouse and achieve a revenue target of up to Rs. 56 crores by fiscal year 2026, we are exploring opportunities to raise funds through an initial public offering (IPO),” he added.
IBS is currently working on VFX projects for some of the most awaited Bollywood projects, such as Khel Khel Mein (starring Akshay Kumar), Deva (starring Shahid Kapoor) and Gandhi – a web series being directed by Hansal Mehta. Identical Brains has worked with some of the best studios, streaming giants and production houses like Netflix, Amazone Prime, Sony Liv, Disney Hotstar, Zee5, MX Player, Voot, T-Series, Balaji, BBC Studios, Applause Productions, JAR Pictures and LUV Films.
Founded in 2019 by Raghvendra Rai, a first-generation entrepreneur from Lucknow, Identical Brains Studios began with just four animation artists and today employs over 140 people across three locations – Mumbai, Palghar and Lucknow. With a focus on Mr. Rai’s vision to turn IBS into a full-service post-production VFX studio in India, the company intends to venture into Colour Grading (DI) and IT creation.
