Actor Akshay Kumar, once a major box office draw in Bollywood, has seen a string of flops in recent years, leading to significant financial losses for producers. One such producer, Vashu Bhagnani, has reportedly gone bankrupt due to these underperforming films. Bhagnani's production house, Pooja Entertainment, which has produced hits like "Biwi No 1," "Coolie No 1," and "Hero No 1," was severely impacted by the COVID-19 pandemic.
The high-budget film "Bade Mian, Chhote Mian," starring Akshay Kumar and Tiger Shroff, was a major disappointment at the box office, causing Bhagnani substantial financial harm. Bhagnani had hoped the film would help clear his debts. Previously, Pooja Entertainment faced challenges with the film "Bell Bottom," which was made on a budget of 150 crores but grossed only 26.50 crores despite its promising subject matter.
According to reports, Pooja Entertainment is saddled with a debt of Rs 250 crore. The failure of Akshay Kumar's "Mission Raniganj" and the refusal of Netflix to buy the rights to Tiger Shroff's "Ganpat" further exacerbated the company's financial woes. These difficulties forced Bhagnani to sell his seven-storey office building to address the mounting debt. Additionally, about 80% of the company's employees were laid off, and Bhagnani has relocated his office to a modest two-bedroom flat in Juhu.
Despite these setbacks, there is hope that Pooja Entertainment can recover from this financial crisis. The company’s history of producing successful films and its resilience in the face of adversity suggest that with careful planning and prudent investments, it could bounce back. Bhagnani's strategic decisions in the coming months will be crucial in determining the future of Pooja Entertainment.