Universal Music Group has acquired a 30% stake in India’s Excel Entertainment for ₹24 billion, or $267 million. The partnership gives Universal global distribution and publishing rights for future Excel soundtracks, strengthening its presence in India’s rapidly growing film, streaming, and music-led entertainment market.
Universal Music Group has made a significant bet on India’s fast-evolving entertainment economy by acquiring a 30% stake in Excel Entertainment, valuing the Mumbai-based production house at approximately ₹24 billion, or about $267 million. The investment, executed through Universal Music’s India division, marks one of the most prominent cross-sector partnerships between a global music major and a leading Indian film and streaming studio, underscoring the growing convergence of music, cinema and digital storytelling in the world’s most populous market.
Universal Music India confirmed the definitive agreement on Monday, January 5, describing the deal as a strategic partnership that will give the global music company worldwide distribution rights for all future original soundtracks created for projects owned or controlled by Excel Entertainment. As part of the transaction, Universal Music Group will also roll out a dedicated Excel music label with global distribution capabilities, while Universal Music Publishing Group will act as Excel’s exclusive music publishing partner. Together, these arrangements position Universal not just as a financial investor, but as a long-term collaborator embedded across Excel’s creative and commercial music ecosystem.
Founded in 1999 by producers Ritesh Sidhwani and Farhan Akhtar, Excel Entertainment has built a reputation as one of Bollywood’s most influential and forward-looking production houses. From redefining contemporary Hindi cinema with Dil Chahta Hai in the early 2000s to spearheading bold, youth-driven narratives in both film and streaming, the company has consistently blended strong storytelling with distinctive music identities. That creative philosophy has helped Excel build franchises and original properties that resonate with both domestic audiences and global platforms increasingly hungry for Indian content.
Among Excel’s most celebrated films is Gully Boy, the 2019 coming-of-age drama inspired by Mumbai’s underground hip-hop scene. The film was widely praised for bringing Indian rap culture into the mainstream and was selected as India’s official entry to the Academy Awards that year. Music played a central role in the film’s cultural impact, with its soundtrack amplifying independent voices and redefining the relationship between cinema and grassroots music movements. For Universal, whose global strategy increasingly emphasises local repertoire with international potential, Gully Boy stands as a powerful case study of how Indian film music can travel far beyond national borders.
Excel has also been a trailblazer in the streaming space. Its 2017 series Inside Edge, India’s first original show for Amazon Prime Video, marked a turning point for premium long-form storytelling in the country. The series went on to earn an International Emmy nomination in 2018 in the Best Drama category, signalling global recognition for Indian streaming originals at a time when the market was still finding its footing. Building on that success, Excel produced Mirzapur, Made in Heaven, Dahaad, and Netflix’s Dabba Cartel, projects that helped define the tone, ambition, and commercial viability of India’s original content boom.
The production house’s filmography also includes major box-office hits such as Don, Zindagi Na Milegi Dobara, Talaash, Fukrey and Toofaan, each with music that played a critical role in shaping audience recall and long-term brand value. These titles illustrate Excel’s ability to operate across genres while maintaining a consistent emphasis on strong soundtracks as an integral part of storytelling, rather than a peripheral add-on. It is this track record that appears to have drawn Universal Music Group closer to the company as it looks to deepen its presence in India’s film-driven music market.
Under the terms of the deal, Universal Music Group’s global distribution network will be leveraged to take Excel’s future soundtracks to audiences worldwide, potentially unlocking new revenue streams and cultural reach for Indian film music. The creation of a dedicated Excel music label signals an intent to build a distinct brand identity around the studio’s musical output, one that can exist independently of individual film releases while still benefiting from Universal’s scale in marketing, streaming and rights management. With Universal Music Publishing Group serving as exclusive publishing partner, the alliance also strengthens Excel’s position in songwriting, synchronisation and global licensing opportunities.
The investment brings changes at the board level as well. Following the transaction, Devraj Sanyal, Chairman and CEO of Universal Music India and South Asia and Senior Vice President of Strategy for Africa, the Middle East and Asia, will join Excel Entertainment’s board. His appointment reflects Universal’s hands-on approach to the partnership and its intention to align strategic priorities closely with Excel’s growth plans. At the same time, Sidhwani and Akhtar will continue in their leadership roles, retaining control over creative direction and content decisions, a structure designed to preserve Excel’s entrepreneurial and artistic DNA.
Sanyal said the partnership reflects both confidence in Excel’s leadership and a broader belief in the future of India’s music-led entertainment economy. He noted that Farhan Akhtar and Ritesh Sidhwani have built an “exceptionally impressive business” and described the Indian film scene as a “hugely exciting opportunity” for music and entertainment companies looking to innovate at scale. According to Sanyal, Excel represents the ideal partner for Universal as it seeks to shape the next phase of growth in the region.
The deal comes at a time when India’s media and entertainment industry is undergoing rapid transformation. Streaming platforms are commissioning more original content than ever before, audiences are increasingly global in their tastes, and music has become a key driver of discovery, engagement and monetisation across films, series and social media. For global music companies, India offers not only a vast domestic audience but also a diaspora and international fan base eager for high-quality Indian music with global production values.
By taking a significant minority stake rather than pursuing a full acquisition, Universal Music Group appears to be signalling a partnership-led approach tailored to the nuances of the Indian market. This structure allows Excel to continue operating with creative autonomy while benefiting from Universal’s global expertise, infrastructure and capital. It also reflects a growing recognition that success in India often depends on collaboration with local leaders who understand audience sensibilities, talent ecosystems and storytelling traditions.
For Excel Entertainment, the investment provides both validation and strategic leverage. Access to Universal’s worldwide distribution and publishing capabilities could help its music travel further and generate sustained value long after a film or series has completed its initial run. At the same time, the partnership strengthens Excel’s ability to attract top musical and creative talent, positioning it at the intersection of cinema, streaming, and the global music business.
As Indian content continues to gain prominence on the world stage, the Universal–Excel alliance stands out as a landmark deal that reflects the growing global appetite for stories and sounds from the country. It also highlights how music, long central to the Indian entertainment experience, is becoming an even more powerful engine for international collaboration and growth.
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