Universal Music India (UMI), a division of Universal Music Group (UMG), has entered into a definitive agreement with Excel Entertainment, acquiring a 30% equity stake and becoming a significant minority shareholder in the Indian film and digital content studio. 

The transaction values Excel at INR 2,400 crore (Euros 257 million) and establishes a strategic partnership aimed at accelerating Excel’s growth while strengthening UMI’s domestic operations. 

As part of the agreement, UMG will gain global distribution rights for all future original soundtracks created for projects owned or controlled by Excel. The partnership also includes the launch of a dedicated Excel music label, to be globally distributed by UMG, and the appointment of Universal Music Publishing Group as Excel’s exclusive music publishing partner. This will create opportunities for existing UMG and UMI artists and repertoire to be included in future Excel productions.

Devraj Sanyal, chairman and CEO, Universal Music India & South Asia and SVP, strategy for Africa, the Middle East and Asia, will join Excel Entertainment’s board of directors. 

Excel founders Ritesh Sidhwani and Farhan Akhtar will continue to shape the company’s creative direction and content decisions.

Excel Entertainment was founded in 1999 and has since released over 40 films and original scripted series. Beginning with Dil Chahta Hai in 2001, the studio has built a portfolio that includes Lakshya, Don, Honeymoon Travels, Zindagi Na Milegi Dobara, Fukrey, Dil Dhadakne Do and Gully Boy. The latter, released in 2019, brought India’s hip-hop movement into the mainstream and gained international recognition.

The company has also played a central role in India’s digital content evolution, producing the country’s first original series for Amazon Prime Video, Inside Edge, which was nominated for an International Emmy for Best Drama. This was followed by Mirzapur, Made in Heaven, Dahaad and most recently Dabba Cartel for Netflix.

The partnership comes at a time when India’s OTT market continues to expand rapidly, with more than 375 million viewers consuming films, original shows, sports and documentaries, and over 650 million smartphone users nationwide. Soundtracks, in particular, continue to play a culturally significant role, remaining among the most re-listened-to music formats and shaping long-term audience engagement.

By aligning with an established film and digital studio, UMG aims to contribute to audio-visual projects and original soundtracks at an early stage and extend its role beyond traditional music distribution into content creation and cultural storytelling.

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. Morgan Stanley acted as financial advisor to Excel Entertainment, while Khaitan & Co served as legal counsel to Excel.

Ritesh Sidhwani and Farhan Akhtar, founders, 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.” 

Adam Granite, CEO, Africa, Middle East and Asia (AMEA), UMG, 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.”

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."