Hyderabad-based Green Gold Animation, the studio behind the iconic Chhota Bheem franchise, is gearing up for its next big leap. The company is looking to raise Rs 250 crore at a valuation of about Rs 800 crore as it doubles down on new intellectual properties (IPs), animation capacity and global expansion.

Founder and CEO Rajiv Chilaka said the fresh capital will power the studio’s “next phase of growth”, with a sharp focus on creating new animated worlds and scaling production for both Indian and international audiences.

The Fundraising Plan: Rs 250 Cr For The Next Chapter

According to Green Gold’s remarks reported in the Economic Times, the company is exploring a Rs 250 crore raise at an Rs 800 crore valuation.

The key objectives of the planned round:

• Build new IPs beyond Chhota Bheem and its spin-offs

• Strengthen animation production capacity for TV, OTT and theatrical

• Expand globally, especially in fast-growing segments like anime and kids’ streaming content

Interestingly, Chilaka has also indicated that the studio is open to a controlling investor if there is strong alignment on long-term strategy — effectively signalling that Green Gold is willing to consider a significant change in ownership to unlock its next phase of scale.

Inside Green Gold’s Business & Financials

Green Gold is now over two decades old, having been incorporated in 2004, and is one of the earliest Indian studios to bet on original homegrown IP rather than pure service work.

The company today operates across:

• Television & streaming series (e.g. Chhota Bheem, Mighty Raju, Super Bheem, Mighty Little Bheem)

• Theatrical films & specials

• YouTube and digital channels

• Licensing & merchandising – toys, apparel, stationery, FMCG tie-ups and more

• Experiential formats like branded events and, more recently, themed outlets

On the numbers side, India Ratings and ET data indicate that Green Gold:

• Reported revenue of around Rs 120 crore and EBITDA of Rs 7 crore in FY25

• Saw revenue rise from Rs 81 crore (FY23) to Rs 114 crore (FY24), driven largely by higher syndication income

• Took an EBITDA hit after two films released in May 2024 underperformed, forcing cost provisions and impacting profitability

The studio also has non-convertible debentures (NCDs) due in FY27, with a total payout (including redemption premium) of roughly Rs 229 crore, a factor that likely sits in the backdrop of its current capital-raising plans.

From Dholakpur To Global Screens

Green Gold’s fundraising move comes off the back of a remarkable 15+ year journey with Chhota Bheem, which has grown from a new IP on Pogo in 2008 to one of India’s most valuable kids’ brands, with hundreds of licensing deals and a robust merchandise business.

Some key milestones:

• Chhota Bheem became one of India’s first homegrown characters to hit multi-hundred-crore merchandise sales, spanning everything from T-shirts and comics to FMCG tie-ups and rides.

• The studio launched spin-offs and new IPs including Mighty Raju, Arjun: Prince of Bali, Super Bheem and Netflix’s global hit Mighty Little Bheem, which is often cited as one of India’s most successful animated exports.

• Green Gold has won a long list of industry awards and is recognised as one of the country’s leading animation houses, with nearly 400–500 employees across locations, including Hyderabad and overseas studios.

Betting Big On New IPs, Anime & Theatrical

The fresh capital, if raised, will largely go into content and capability building. Chilaka has outlined a pipeline of new IPs across genres, including titles like Jungle Trouble, Chutki, Lion Heart, The Assassin, Airavat, Krishna and Boy on Moon, signalling a move beyond pure preschool content into action, fantasy and multi-genre universes.

Strategic thrust areas mentioned in the ET report include:

• Multi-platform IPs that live across TV, streaming, YouTube, gaming and merchandising

• Theatrical animation, where the studio wants to do more despite recent underperformers

• A serious push into anime-style content, tapping into what Chilaka describes as a fast-growing domestic category, with India emerging as one of the world’s largest anime markets by audience size

At the same time, Green Gold is also experimenting with experiential IP extensions, most notably:

• A partnership with EBG Group to launch India’s first Chhota Bheem–themed cafés, starting with outlets in Hyderabad’s Hitec City and a Rs 200 crore investment plan over 3–5 years to take the concept pan-India.

These moves show the company wants to behave less like a traditional production house and more like a full-stack entertainment IP company.

Navigating A Tougher Media & Entertainment Landscape

Green Gold’s raise also needs to be read in the context of a challenging media and entertainment (M&E) environment.

Chilaka points out three big shifts:

1. Consolidation & tighter content budgets
   Broadcasters and streaming platforms are becoming more selective, which puts pressure on margins and increases the importance of scale and efficiency.

2. Changing consumption habits
   Kids’ content has moved from TV to mobile, then to connected TVs, and now heavily into gaming, which he estimates takes up the majority of kids’ entertainment time. Animation consumption remains steady, but distribution and format choices are shifting.

3. AI in production
   The studio expects artificial intelligence to streamline parts of the animation workflow, handling repetitive tasks and freeing artists to focus on core creativity.

In such a market, mid-sized studios often face a squeeze — too big to stay small and too small to comfortably absorb volatility. A sizeable equity infusion, plus the possibility of a strong strategic or financial backer, could help Green Gold scale up to a more defensible size, diversify revenue, and manage its debt obligations.

Why This Fundraise Matters Beyond One Studio

1. A Signal For India’s Animation & AVGC Sector

The fundraise attempt underlines the fact that Indian animation IP is no longer a side show—it is attracting serious valuations and capital interest, especially when it is built on durable franchises like Chhota Bheem.

Hyderabad, where Green Gold is headquartered, is already being talked about as a potential torchbearer for India’s AVGC (Animation, VFX, Gaming & Comics) sector, thanks to a dense cluster of studios, a strong tech talent base and proactive state support.

2. IP-Led Models vs Pure Service Work

Many Indian animation houses historically relied on doing outsourced service work for foreign studios. Green Gold’s trajectory — from original IP creation to global distribution, merchandising and now themed cafés — illustrates the higher upside and resilience of IP-led models, even though they are riskier in the short term.

3. A Template For Future Deals

If Green Gold successfully raises Rs 250 crore at an Rs 800 crore tag, it could:

• Set a benchmark for valuations of Indian animation IP companies

• Encourage more late-stage or growth capital into the AVGC sector

• Make it easier for emerging studios with strong IP to negotiate better deals with investors and distributors

What To Watch Next

Over the coming months, key things to watch will be:

• Who leads the round – a strategic media/streaming partner, a large PE fund, or a mix

• Whether the company does one large investor (possibly with a controlling stake) or a broader cap table

• How the fresh capital maps to specific projects – new series, anime slates, films, or the Chhota Bheem café roll-out

• How Green Gold balances debt obligations (NCDs) with growth investments

What’s clear is that the studio behind Chhota Bheem is not content with just being a beloved kids’ brand. With this proposed raise, Green Gold Animation is making a bid to become one of India’s flagship entertainment IP houses, sitting at the intersection of animation, streaming, merchandise and real-world experiences.