Most Bollywood actors stop at endorsing brands or opening restaurants. Ajay Devgn looked at the technical backbone of filmmaking and decided to own it. In 2015, while his contemporaries were launching fashion lines and investing in cricket teams, Devgn quietly started NY VFXWAALA, a visual effects studio that would go on to work on some of Bollywood’s biggest blockbusters.
Nine years later, NY VFXWAALA generates approximately ₹380+ crores ($46.1 million) in annual revenue, employs over 600 VFX artists across Mumbai and Bangalore, and has won 32 awards in just seven years of operation, including the prestigious 64th National Film Award and the Asian Film Award. The studio became the only Indian VFX house to win the Asian Film Award in its early years, a milestone that put Indian visual effects on the global map.
The NY VFXWAALA Ajay Devgn Results:
- Annual revenue: ₹380+ crores ($46.1 million) as of 2024
- Employee count: 600+ VFX artists across Mumbai and Bangalore offices
- Awards won: 32 prestigious awards in just 7 years of operation
- Major recognition: 64th National Film Award for Best Special Effects, Asian Film Award for Best Visual Effects
- Project portfolio: 300+ feature films across Bollywood, Tollywood, Marathi cinema
- International expansion: Strategic partnership with Sweden’s Goodbye Kansas Studio (March 2024)
What makes this story fascinating isn’t just the numbers. It’s how a Bollywood action star with zero technical background built a studio that directors like Sanjay Leela Bhansali, Rohit Shetty, and Aamir Khan now trust with their most expensive projects.
Why Did Ajay Devgn Start a VFX Studio?
The story behind NY VFXWAALA Ajay Devgn isn’t about jumping on a business opportunity. It came from frustration. Ajay had been acting since 1991, and by the 2010s, he’d done it all as actor, director, and producer. But there was one thing that kept bothering him: every time he wanted high-quality VFX for his films, he had to either send work to international studios or settle for mediocre Indian options that couldn’t match global standards.
In 2015, Ajay was preparing to direct and star in Shivaay, an action thriller set in the Himalayas with massive VFX requirements. Over 70% of the film would be shot against blue screens. The avalanche sequences, the mountain climbing scenes, the action set pieces all needed world-class visual effects.
The Shivaay Challenge:
- VFX requirements: 4,500 individual VFX shots (most Bollywood films have few hundred)
- Pre-production: 11 months just for VFX groundwork
- Options: Send work to Hollywood studios losing creative control and spending fortune, or use Indian studios not equipped for such scale
- Decision: Build own studio with international-level technology and talent
That’s when Ajay made a decision that would change his business trajectory. Instead of outsourcing Shivaay’s VFX, he would build his own studio capable of competing with the best in the world.
The Name and Partners
NY VFXWAALA isn’t some random corporate name. It’s deeply personal. NY stands for Nysa and Yug, Ajay’s two children. The “WAALA” suffix is classic Mumbai slang for “the one who does,” like “chai waala” or “doodh waala.” So NY VFXWAALA literally translates to “Nysa and Yug’s VFX people,” blending family sentiment with street-smart branding.
Ajay knew he couldn’t build a VFX studio alone. He brought in two of India’s most experienced VFX experts: Naveen Paul and Prasad Sutar. This wasn’t celebrity vanity hiring. Both had over 20 years of experience and had worked on 500+ films combined.
The Expert Partners:
- Naveen Paul: Worked on Oscar-winning Hollywood films including Chronicles of Narnia, Superman Returns, Fast and Furious Tokyo Drift, Evan Almighty
- Prasad Sutar: In Indian VFX industry since 1998, worked on everything from Ghulam to major contemporary blockbusters
- Partnership structure: Both given equity, creative control, and trusted expertise
- Launch: May 2015 as division of Ajay Devgn Films
In May 2015, NY VFXWAALA Ajay Devgn was officially incorporated. The journey from idea to industry leader was about to begin with two of India’s best VFX minds partnering with Bollywood’s action star.
How Did NY VFXWAALA Win 32 Awards in 7 Years?
The Bajirao Mastani Breakthrough
Most new companies spend their first few years just trying to survive. NY VFXWAALA started winning awards in its first year of operation. Not small awards either, but the kind of recognition that established studios chase for decades.
The studio’s very first major project was Sanjay Leela Bhansali’s epic historical Bajirao Mastani. This was a ballsy move. Bhansali is known for his perfectionism and grand visual style. Trusting a brand new VFX studio with one of the most expensive films of the year was a massive risk.
Bajirao Mastani VFX Work:
- Scope: Almost every scene shot against chroma (green screen)
- Requirements: Battle sequences, palace sets, massive crowd scenes
- Supervisor: Prasad Sutar delivered beyond expectations
- Awards won: Asian Film Award 2016 for Best Visual Effects (competing against films from 70 countries), Zee Cine Award, Star Screen Award, IIFA Award
Winning the Asian Film Award in the first year of operation made NY VFXWAALA the only Indian VFX studio to ever win that award in its early years. That’s like a startup winning an international championship before it turns one year old.
The Shivaay Masterpiece
If Bajirao Mastani established credibility, Shivaay cemented legendary status. This was Ajay Devgn’s own directorial project, so the pressure was immense. The film required 4,500 VFX shots taking 11 months of pre-production just for VFX groundwork.
Naveen Paul supervised the project, and his team worked around the clock to create realistic Himalayan landscapes, avalanche sequences, and action set pieces that looked genuinely dangerous.
Shivaay Recognition:
- 64th National Film Award: Best Special Effects presented by President of India
- Other awards: Zee Cine Award, Star Screen Award, 24 FPS Award, Indywood Excellence Award
- Significance: Winning National Award two years after starting company was unprecedented
- Trophy cabinet: 32 prestigious awards total by end of seven years
Winning the National Award put NY VFXWAALA Ajay Devgn in elite company. This is the highest recognition in Indian cinema, selected by a national panel of experts. For a two-year-old studio to win it validated everything Ajay had built.
What Makes NY VFXWAALA Different from Other VFX Studios?
Global Technology, Indian Pricing
India has dozens of VFX studios including Shah Rukh Khan’s Red Chillies VFX, Prime Focus, and Reliance MediaWorks. What makes NY VFXWAALA special?
NY VFXWAALA invested heavily in cutting-edge technology from day one. The studio uses LIDAR (Light Detection and Ranging) technology, one of the few Indian VFX houses to do so. LIDAR creates precise 3D maps of physical environments, making it easier to integrate CGI elements seamlessly into real-world footage.
Technology Stack:
- LIDAR technology: Precise 3D environmental mapping
- Rendering farms: State-of-the-art computing power
- Motion capture: Advanced performance capture capabilities
- Digital Intermediate: Through sister division NY DI-WAALA for color grading
- Competitive pricing: Global-level tech at Bollywood-friendly budgets
Director-Friendly Collaborative Approach
Most VFX studios work as service providers. You give them shots, they deliver finished VFX, and that’s it. NY VFXWAALA Ajay Devgn embeds itself into the filmmaking process from pre-production.
When Rohit Shetty plans an action sequence for Simmba or Singham, NY VFXWAALA’s team is in the planning meetings. They help directors visualize what’s possible, plan shots for optimal VFX integration, and troubleshoot technical challenges before expensive filming even begins.
The Scale of Operations:
- 600+ employees: Across Mumbai and Bangalore offices
- 300+ feature films: Bollywood, Tollywood, Marathi, even Hollywood projects
- ₹380+ crores annual revenue: Approximately $46.1 million
- Digital Intermediate services: Color grading and finishing through NY DI-WAALA
- International partnerships: Strategic joint venture with Sweden’s Goodbye Kansas Studio
Sanjay Leela Bhansali, known for preferring real locations and practical sets, shot almost every scene of Bajirao Mastani on chroma after working with NY VFXWAALA. That’s how much trust they built demonstrating the collaborative approach’s effectiveness.
How Much Money Does NY VFXWAALA Actually Make?
Revenue Breakdown and Pricing Model
According to company filings and industry databases, NY VFXWAALA generates approximately ₹380+ crores ($46.1 million) in annual revenue. For a nine-year-old company in a specialized technical field, that’s exceptional growth.
VFX studios charge per shot or per frame depending on complexity. Simple shots like background replacements and color corrections cost ₹50,000 to ₹2 lakhs per shot. Medium complexity including adding CGI elements and crowd multiplication ranges ₹2 lakhs to ₹8 lakhs per shot. High complexity work like fully CGI scenes, complex simulations, and character animation commands ₹8 lakhs to ₹50+ lakhs per shot.
Project Economics:
- Shivaay (4,500 shots): Easily ₹30-50 crores worth of VFX work
- Padmaavat (grand battles/palaces): Likely ₹40-60 crores of VFX
- Annual workload: 15-20 major films plus ad films and digital content
- Revenue adds up fast: Premium rates for high-quality work
The Business Model
NY VFXWAALA Ajay Devgn operates on three revenue streams. Feature films serve as bread and butter with major Bollywood and regional films paying premium rates, likely accounting for 60-70% of revenue. Advertising and digital content including TV commercials for car ads, product launches, and brand films are shorter projects at good rates representing 20-25% of revenue.
Digital Intermediate services through NY DI-WAALA handle color grading and finishing for films. Every major film needs DI work, and offering it in-house creates one-stop-shop for filmmakers generating around 10-15% of revenue.
Profitability Analysis:
- Typical VFX margins: 15-25% profit after all costs
- Major costs: Employee salaries (VFX artists command premium pay), technology investments (software licenses, hardware upgrades), operational costs (electricity for rendering farms is massive)
- Estimated profit: At ₹380+ crores revenue, likely generates ₹60-95 crores annual profit
- Business success: One of Ajay Devgn’s most successful ventures outside film production
What’s the Big Deal About Winning the National Award?
For those unfamiliar with Indian cinema awards, the National Award is different from every other trophy. The National Film Awards are presented by the Directorate of Film Festivals, a government body under the Ministry of Information and Broadcasting.
Unlike Filmfare, IIFA, or other popular awards that are essentially industry popularity contests, National Awards are judged by government-appointed experts across multiple rounds of evaluation. Winning a National Award is like winning an Olympic gold medal. It’s not about box office numbers, star power, or industry politics. It’s purely about excellence in craft.
Why Shivaay’s National Award Mattered:
- Timeline: Won 64th National Film Award in 2017, just two years after studio founding
- Unprecedented: Most VFX houses take decades to even get nominated
- Ceremony: Naveen Paul received award from President Pranab Mukherjee in New Delhi
- Validation: Established NY VFXWAALA as genuine technical powerhouse, not celebrity vanity project
When NY VFXWAALA Ajay Devgn won the award for Shivaay, it validated everything Ajay had built. The studio was barely two years old winning recognition that established VFX houses chase for entire careers.
The Project Portfolio: 300+ Films and Counting
The studio’s portfolio reads like a list of Bollywood’s biggest hits over the past decade. Bajirao Mastani in 2015 was their breakthrough supervised by Prasad Sutar, almost entirely shot on green screen creating grand palaces and battle sequences. Shivaay in 2016 featured 4,500 VFX shots with Himalayan landscapes and avalanche sequences supervised by Naveen Paul.
Dangal in 2016 required extensive invisible VFX for crowd multiplication, environment enhancement, and age de-aging that audiences didn’t even notice. Padmaavat in 2018 demanded massive battle sequences, palace sets, and period accuracy requiring both spectacular and subtle VFX work.
Major Projects:
- Rohit Shetty films: Simmba, Singham Returns with car explosions and massive action set pieces
- Recent blockbusters: Tanhaji, Animal, Total Dhamaal
- Tollywood projects: Mersal, Theri, Bigil starring Vijay and Suriya
- Marathi films: Katyar Kaljat Ghusli, Ani Kashinath Ghanekar, Ventilator, Mauli
The diversity is striking. They do period epics, modern action films, comedies, sports dramas, and everything in between. This versatility is rare in the VFX industry where studios often specialize in one type of work.
International Expansion: The Goodbye Kansas Partnership
In March 2024, NY VFXWAALA Ajay Devgn made a move signaling their ambitions extend beyond Bollywood. They entered a strategic partnership with Goodbye Kansas Studio, a Stockholm-based VFX and gaming content company.
NY VFXWAALA acquired a major stake in Goodbye Kansas through an offshore subsidiary. Simultaneously, they launched a joint venture studio in India. This isn’t just a collaboration but a full merger of capabilities.
What the Partnership Means:
- Global market access: Goodbye Kansas specializes in game trailers for worldwide releases, positioning NY VFXWAALA for international gaming and Hollywood VFX work
- Advanced technologies: Scanning and motion capture studio capabilities rare in India
- Scalable capacity: Both companies can handle larger projects sharing resources across Sweden and India
- Gaming industry entry: India’s gaming market exploding, NY VFXWAALA can now tap game development VFX worth billions globally
Ajay Devgn, commenting on the partnership, said: “Our endeavors involve setting new benchmarks with each project. We embrace a continuous process of learning, evolution, and adaptation to the latest technologies.”
The Bottom Line
Ajay Devgn built NY VFXWAALA into a ₹380+ crore business in nine years by solving a real problem, partnering with the right experts, investing in quality, and executing brilliantly. The studio’s 32 awards in seven years, including the National Award and Asian Film Award, validate that this isn’t just another celebrity business but a genuine technical powerhouse transforming how Bollywood handles visual effects.
Why NY VFXWAALA Ajay Devgn Succeeded:
- Partner with experts, not yes-men: Brought in Naveen Paul and Prasad Sutar with over 20 years experience each, gave them equity and creative control
- Start with real problem: Built because Ajay needed world-class VFX for his own films, couldn’t find it domestically
- Invest in quality from day one: World-class technology and talent immediately instead of bootstrapping, competed with established players from launch
- Awards are marketing gold: Winning Asian Film Award and National Award in first two years did more than any advertising campaign
- Diversify client base: Works with every major director and production house, not dependent on founder’s other ventures
- Expand adjacent services: Adding NY DI-WAALA for color grading created one-stop-shop increasing client lifetime value
What’s impressive isn’t just the financial success generating ₹380+ crores annually with 600+ employees across two cities. It’s that NY VFXWAALA changed the conversation around Indian VFX capabilities.
Industry Transformation:
- Before 2015: Bollywood sent complex VFX to Hollywood studios or compromised on quality with domestic options
- After NY VFXWAALA: Filmmakers can get world-class VFX domestically at competitive prices
- Global recognition: Only Indian VFX studio to win Asian Film Award in early years
- Think global eventually: Goodbye Kansas partnership shows businesses rooted in Bollywood can expand internationally
Ajay Devgn proved that celebrities can build serious technical businesses if they’re willing to partner with experts who know more than they do, invest properly in technology and talent from day one, stay actively involved as Chairman personally overseeing major projects, and execute brilliantly maintaining quality across 300+ films.
The studio’s expansion into gaming VFX and international markets through the Goodbye Kansas partnership suggests the best is yet to come. With directors like Sanjay Leela Bhansali, Rohit Shetty, and Aamir Khan trusting NY VFXWAALA with their most expensive projects, and the studio winning more awards in seven years than most VFX houses win in entire existence, the NY VFXWAALA Ajay Devgn story represents one of Bollywood’s most successful celebrity business ventures built on technical excellence rather than just star power.
