Media services and visual entertainment company Prime Focus Ltd (PFL) announced in a regulatory filing to the stock exchanges that its board has approved a binding transaction involving an aggregate investment of $100 million (approx. Rs 835 crore) by Multiples Private Equity (PE) across two arms and a step-down entity. The transaction forms the cornerstone of a larger $150 million fundraise deal valuing the emerging generative AI platform at $2 billion.
According to the regulatory filing submitted by Prime Focus, the $100 million capital infusion by Multiples Private Equity is split across two entities and executed via subscription to preference shares:
- BHL (Brahma Holdings Ltd): Multiples Private Equity Gift Fund IV will invest $54,356,600 directly into BHL.
- Brahma India: Multiples Private Equity Fund IV will invest an INR equivalent of $45,643,400 into Brahma India.
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Share Swap Mechanism: As part of the agreed terms, the shares acquired by Multiples in Brahma India will ultimately be exchanged for shares of BHL, consolidating the equity structure under the holding entity. The voting rights of Prime Focus in BHL will adjust from 89.27% down to 24.99% upon conversion, according to the deal filings.
Both BHL and Brahma India will transition from subsidiaries to associate companies on Prime Focus's balance sheet. BHL currently accounts for approx. 76.37% of Prime Focus's consolidated net worth, with nil reported turnover for FY26, according to the exchange filing.
Multiples to Invest via Step-Down Arm DNEG Holdings
The transaction directly links into Prime Focus's global creative arm, DNEG Holdings Ltd, a key step-down subsidiary of Prime Focus. Following the transaction and conversion of preference shares, Prime Focus Ltd will maintain an economic interest of 65.67% in both BHL and Brahma India through DNEG Holdings Ltd.
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Part of $150 Million Round at $2 Billion Valuation
The $100 million commitment from Multiples anchors a larger $150 million institutional financing round designed to build and scale Brahma AI — an AI-native operating system tailored for enterprise audiovisual production: The round pegs Brahma AI at a $2 billion post-money valuation. Brahma AI brings together the proprietary technology stacks, digital assets, and production infrastructure developed across Prime Focus, DNEG, and Metaphysic. The remaining capital in the $150 million round is backed by existing partners and co-investors to fuel R&D, compute infrastructure, and global go-to-market execution.
Market Implications
The deal marks a significant monetization milestone for Prime Focus's intellectual property and tech-stack assets. By de-leveraging the direct parent balance sheet and onboarding Multiples Private Equity, Prime Focus unlocks standalone valuation for its AI enterprise arm while preserving substantial economic upside (65.67%) via DNEG Holdings Ltd.
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