In the loss of Vashu Bhagna!
New Delhi:
Nearly four decades after its foundation and many ups and downs, Vashu Bhagnani’s Pooja Entertainment is coming out of a major financial setback. The production banner, known for producing blockbuster entertainers like Coolie No. 1, Biwi No. 1 and Hero No. 1, is downsizing its operations after consistent box office failures. The latest report is that Vashu Bhagnani has sold his seven-storey office of Pooja Entertainment to a builder. The identity of the builder who bought the land and the price at which it was sold. It has not been disclosed yet but apparently they will now demolish the building to build a luxury residential project on this land.
Vashu has laid off around 80% of its employees and shifted the office to a two-bedroom flat in Juhu, the source revealed. The layoffs began in 2024. In April, the number of employees was reduced further. Especially after the release of Bade Mian Chhote Mian. This development comes after BMCM failed miserably at the box office. He paid Rs. 350 crore investment at the box office barely Rs. Earned 59.17 crores. Due to which the production banner suffered a loss of at least 125-150 crore rupees. Sources say that Vashu spent around Rs. Sold the building to several financiers to repay the 250 crore loan.
“It all started with Bell Bottom which was one of the first Hindi films to release in theaters after the Covid-19 pandemic in 2021. The film flopped badly at the box office and the subsequent film Mission Raniganj also flopped. The company suffered another setback when the big budget Ganpath failed to perform. By this time the financial condition of the company had started to improve and the large investment in Bade Mian Chhote Mian made matters worse. However, the firm hoped that Akshay Kumar and Tiger Shroff’s action entertainer would improve its finances. However, the historic failure of this film directed by Ali Abbas Zafar almost paralyzed the company. Vashu had no option but to sell the house to repay the huge loan.” A source with knowledge of the incident told Bollywood Hungama.
Despite these challenges, sources claim that Pooja Entertainment is not shutting down. Vashu and his son Jackie Bhagani are determined to resume operations and have started discussions with actors and directors for new films. Contrary to rumours, he is going ahead with Shahid Kapoor’s Ashwatthama project, which he announced a few months back.