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.
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. From Bajirao Mastani to Shivaay to the recent blockbuster Animal, NY VFXWAALA has become Bollywood’s go-to VFX partner when you want world-class visuals without sending work overseas.
Why Did Ajay Devgn Start a VFX Studio?
The story behind NY VFXWAALA isn’t about jumping on a business opportunity. It came from frustration. Ajay Devgn had been acting since 1991, and by the 2010s, he’d done it all as an 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 the work to international studios or settle for mediocre Indian options that couldn’t match global standards.
The Breaking Point
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. He could send the work to Hollywood VFX houses, but that meant losing creative control, dealing with time zone differences, and spending a fortune. Indian VFX studios at the time weren’t equipped to handle such complex, large-scale work.
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. And he wouldn’t just build any studio. He’d create one with international-level technology and talent that could compete with the best in the world.
The Name
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” (tea seller) or “doodh waala” (milk vendor). So NY VFXWAALA literally translates to “Nysa and Yug’s VFX people.” It’s a blend of family sentiment and street-smart branding that makes the company feel approachable despite handling crores worth of high-tech work.
The Partners
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.
Naveen Paul had worked on Oscar-winning Hollywood films like Chronicles of Narnia, Superman Returns, The Fast and the Furious: Tokyo Drift, and Evan Almighty before coming back to India. Prasad Sutar had been in the Indian VFX industry since 1998, working on everything from Ghulam to major contemporary Bollywood blockbusters. Together, they brought the technical expertise Ajay needed to turn his vision into reality.
In May 2015, NY VFXWAALA was officially incorporated as a division of Ajay Devgn Films. The journey from idea to industry leader was about to begin.
How Did NY VFXWAALA Win 32 Awards in 7 Years?
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. We’re talking about the kind of recognition that established studios chase for decades.
The Bajirao Mastani Breakthrough (2015-2016)
NY VFXWAALA’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. He doesn’t settle for anything less than spectacular. Trusting a brand new VFX studio with one of the most expensive films of the year was a massive risk.
But Prasad Sutar, who supervised the VFX for Bajirao Mastani, delivered beyond expectations. Almost every scene in the film was shot against chroma (green screen). The battle sequences, the palace sets, the massive crowd scenes, all of it required seamless VFX integration. The work was so good that it won:
- Asian Film Award (AFA) 2016 for Best Visual Effects (competing against films from 70 countries)
- Zee Cine Award for Best Special Effects
- Star Screen Award for Best Visual Effects
- IIFA Award for Best Visual Effects
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 (2016-2017)
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. That’s not a typo. Four thousand five hundred individual VFX shots. For context, most Bollywood films have a few hundred VFX shots at most.
The film took 11 months of pre-production just for the 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. The result? Shivaay won:
- 64th National Film Award for Best Special Effects (presented by the President of India)
- Zee Cine Award for Best Special Effects
- Star Screen Award for Best Visual Effects
- 24 FPS Award for Best Visual Effects
- Indywood Excellence Award
Winning the National Award two years after starting the company put NY VFXWAALA 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 was unprecedented.
The Trophy Cabinet Keeps Growing
After Shivaay, the awards kept coming. The studio worked on Padmaavat, Dangal, Jagga Jasoos, Total Dhamaal, Simmba, Tanhaji, and countless other major films. Each project added more trophies. By the end of seven years, the count stood at 32 prestigious awards. The studio won more awards in seven years than some VFX houses win in their entire existence.
What’s the secret? According to Naveen Paul, it’s simple: “Dedication, honesty, and loving what you do. Our team puts their hearts, minds, and souls into the work. Everyone has witnessed the magic they create.”
What Makes NY VFXWAALA Different from Other VFX Studios?
India has dozens of VFX studios. Red Chillies VFX (owned by Shah Rukh Khan), Prime Focus, Reliance MediaWorks, and others have been around longer and worked on more projects. So what makes NY VFXWAALA special?
Global Technology, Indian Pricing
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.
They also have state-of-the-art rendering farms, motion capture capabilities, and digital intermediate (DI) color grading facilities through their sister division NY DI-WAALA. This tech stack rivals Hollywood studios, but the pricing remains competitive for Bollywood budgets.
Director-Friendly Approach
Here’s something that sets NY VFXWAALA apart. Most VFX studios work as service providers. You give them shots, they deliver finished VFX, and that’s it. NY VFXWAALA 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. This collaborative approach makes directors come back repeatedly.
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. Rohit Shetty now uses NY VFXWAALA for all his action films because they understand his visual style. Aamir Khan worked with them on Dangal and continues the relationship.
The Scale of Operations
Let’s talk numbers because they matter. NY VFXWAALA has:
- 600+ employees across Mumbai and Bangalore offices
- Worked on 300+ feature films (Bollywood, Tollywood, Marathi, even Hollywood projects)
- ₹380+ crores annual revenue (approximately $46.1 million)
- Expanded into Digital Intermediate services (color grading, finishing)
- International partnerships including a strategic joint venture with Sweden’s Goodbye Kansas Studio
The Bangalore office handles overflow work and specializes in animation, while the Mumbai headquarters focuses on high-end VFX supervision for major projects. This geographic split helps them take on multiple large projects simultaneously without quality drops.
Invisible VFX Philosophy
Prasad Sutar often says, “The less apparent the VFX, the more it is appreciated.” This philosophy guides NY VFXWAALA’s work. They don’t just do spectacular explosions and flying superheroes. They do invisible VFX that audiences don’t even notice.
In Barfi!, a romantic film with no obvious VFX requirements, NY VFXWAALA did nearly an hour of VFX work. Changing backgrounds, removing modern elements from period scenes, enhancing colors, creating seamless transitions. The audience had no idea VFX was involved, which is exactly the point. Director Anurag Basu was so impressed that he used their services extensively in his next film, Jagga Jasoos.
How Much Money Does NY VFXWAALA Actually Make?
Bollywood keeps film budgets and VFX costs close to the chest, but we can piece together NY VFXWAALA’s financial picture from available data.
Revenue Breakdown
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.
How VFX Pricing Works
VFX studios charge per shot or per frame depending on complexity:
- Simple shots (background replacements, color corrections): ₹50,000 to ₹2 lakhs per shot
- Medium complexity (adding CGI elements, crowd multiplication): ₹2 lakhs to ₹8 lakhs per shot
- High complexity (fully CGI scenes, complex simulations, character animation): ₹8 lakhs to ₹50+ lakhs per shot
A film like Shivaay with 4,500 shots could easily require ₹30-50 crores worth of VFX work. Padmaavat, with its grand battle sequences and palace sets, likely needed ₹40-60 crores of VFX. When you’re working on 15-20 major films per year plus ad films and digital content, the revenue adds up fast.
The Business Model
NY VFXWAALA operates on three revenue streams:
Feature Films: The bread and butter. Major Bollywood and regional films pay premium rates for high-quality VFX. This likely accounts for 60-70% of revenue.
Advertising & Digital Content: TV commercials need VFX too. Car ads, product launches, brand films all require visual effects. These are shorter projects but command good rates. Probably 20-25% of revenue.
Digital Intermediate Services (NY DI-WAALA): Color grading and finishing for films. Every major film needs DI work, and offering it in-house creates a one-stop-shop for filmmakers. Around 10-15% of revenue.
Profitability
VFX studios typically operate on 15-25% profit margins after accounting for:
- Employee salaries (VFX artists command premium pay in India)
- Technology investments (software licenses, hardware upgrades)
- Operational costs (electricity for rendering farms is massive)
- Marketing and client acquisition
At ₹380+ crores revenue, NY VFXWAALA likely generates ₹60-95 crores in annual profit, making it one of Ajay Devgn’s most successful business ventures outside of film production.
What’s the Big Deal About Winning the National Award?
For those unfamiliar with Indian cinema awards, let me explain why the National Award is different from every other trophy.
What Are National Film Awards?
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. The trophy is presented by the President of India at a formal ceremony in New Delhi.
Why Shivaay’s National Award Mattered
When NY VFXWAALA won the 64th National Film Award for Best Special Effects in 2017 for Shivaay, it validated everything Ajay Devgn had built. The studio was barely two years old. Most VFX houses take decades to even get nominated for a National Award. Winning it in the second year of operation was unheard of.
Naveen Paul received the award from President Pranab Mukherjee in a ceremony attended by the who’s who of Indian cinema. That moment established NY VFXWAALA as not just another celebrity vanity project, but a genuine technical powerhouse capable of world-class work.
How Does NY VFXWAALA Compare to Red Chillies VFX?
The obvious comparison is Shah Rukh Khan’s Red Chillies VFX, started in 2005. Both are celebrity-owned VFX studios serving Bollywood. Here’s how they stack up:
Red Chillies VFX
- Founded: 2005 (10 years older)
- Projects: 70+ films
- Major Works: Ra.One, Fan, Zero, Brahmastra
- Specialization: Superhero-style VFX, character animation
- Focus: Primarily works on home productions and select outside projects
NY VFXWAALA
- Founded: 2015 (9 years old)
- Projects: 300+ films
- Major Works: Bajirao Mastani, Shivaay, Padmaavat, Dangal, Tanhaji, Animal
- Specialization: Period dramas, action films, invisible VFX
- Focus: Works extensively with multiple directors and production houses
Key Differences
Red Chillies VFX handles fewer, larger projects with focus on spectacle-heavy films. They pioneered superhero-style VFX in Bollywood with Ra.One, though the film itself wasn’t a huge success. Their work tends to be very visible, with CGI characters and fantasy elements.
NY VFXWAALA takes on more projects across a wider range of genres. They’ve mastered both spectacular VFX (battle scenes in Bajirao Mastani, avalanches in Shivaay) and invisible VFX (period accuracy in Padmaavat, seamless environments in Dangal). Their client list is more diverse, working with directors from Sanjay Leela Bhansali to Rohit Shetty to Aamir Khan.
In terms of awards, NY VFXWAALA’s 32 awards in 7 years outpaces most competitors in that timeframe. They also achieved the unique distinction of winning the Asian Film Award, which no other Indian VFX studio had done in its early years.
What Projects Has NY VFXWAALA Actually Worked On?
The studio’s portfolio reads like a list of Bollywood’s biggest hits over the past decade. Here are some highlights:
Bajirao Mastani (2015): Their breakthrough project. Supervised by Prasad Sutar. Almost entirely shot on green screen, creating grand palaces, battle sequences, and period-accurate environments. Won the Asian Film Award.
Shivaay (2016): Ajay Devgn’s passion project. 4,500 VFX shots. Himalayan landscapes, avalanche sequences, dangerous stunts made safe through VFX. Supervised by Naveen Paul. Won the National Film Award.
Dangal (2016): Aamir Khan’s wrestling drama. Extensive invisible VFX for crowd multiplication, environment enhancement, and age de-aging for actors. The VFX was so seamless most audiences didn’t realize it was there.
Padmaavat (2018): Sanjay Leela Bhansali’s epic. Massive battle sequences, palace sets, period accuracy. Required both spectacular and subtle VFX work.
Total Dhamaal (2019): Comedy with animal VFX and action sequences.
Simmba (2018) & Singham Returns: Rohit Shetty’s action films. Car explosions, flying vehicles, massive action set pieces.
Tanhaji: The Unsung Warrior (2020): Period action film requiring extensive fort recreations and battle VFX.
Animal (2023): Recent blockbuster with complex VFX requirements.
Tollywood Projects: Mersal, Theri, Bigil (all Tamil films 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.
What’s Next? The International Expansion
In March 2024, NY VFXWAALA made a move that signals their ambitions extend beyond Bollywood. They entered a strategic partnership with Goodbye Kansas Studio, a Stockholm-based VFX and gaming content company.
The Deal
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, it’s a full merger of capabilities.
What This Means
Access to Global Markets: Goodbye Kansas specializes in creating game trailers for worldwide releases. This partnership positions NY VFXWAALA to bid for international gaming and Hollywood VFX work.
Advanced Technologies: Goodbye Kansas brings scanning and motion capture studio capabilities that are rare in India. These technologies will be available to Asian clients through the joint venture.
Scalable Capacity: The partnership allows both companies to handle larger projects by sharing resources across Sweden and India.
Gaming Industry Entry: India’s gaming market is exploding. NY VFXWAALA can now tap into game development VFX, a sector 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.”
This isn’t a celebrity making vague statements about his business. Ajay remains actively involved as Chairman of NY VFXWAALA, personally overseeing major projects and strategic direction. His hands-on approach has been crucial to the studio’s success.
What Can Entrepreneurs Learn from NY VFXWAALA’s Success?
Partner with Experts, Not Yes-Men: Ajay Devgn didn’t hire VFX guys who would do whatever he said. He partnered with Naveen Paul and Prasad Sutar, two industry veterans who knew more about VFX than he ever would. He gave them equity, creative control, and trusted their expertise. That’s how you build technical businesses even if you’re not technical yourself.
Start with a Real Problem: NY VFXWAALA wasn’t started to make money. It was started because Ajay needed world-class VFX for his own films and couldn’t find it domestically. Starting from genuine need rather than opportunity ensures you’re building something people actually want.
Invest in Quality from Day One: Most startups bootstrap and add capabilities gradually. NY VFXWAALA invested heavily in world-class technology and talent immediately. Yes, it required more capital upfront, but it meant they could compete with established players from day one. Sometimes you can’t cheap out.
Awards are Marketing Gold: Winning the Asian Film Award and National Award in the first two years did more for NY VFXWAALA’s reputation than any advertising campaign could. Industry recognition from credible sources beats self-promotion every time.
Diversify Your Client Base: NY VFXWAALA doesn’t just work on Ajay Devgn’s films. They work with every major director and production house. Building a business that’s not dependent on the founder’s other ventures creates more sustainable revenue.
Expand Adjacent Services: Adding NY DI-WAALA (Digital Intermediate) to handle color grading created a one-stop-shop for post-production. Clients prefer working with fewer vendors, so offering complementary services increases client lifetime value.
Think Global Eventually: The Goodbye Kansas partnership shows that even businesses rooted in Bollywood can expand internationally. After dominating domestically, looking to global markets creates the next phase of growth.
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, it’s a genuine technical powerhouse transforming how Bollywood handles visual effects.
What’s impressive isn’t just the financial success. It’s that NY VFXWAALA changed the conversation around Indian VFX. Before 2015, Bollywood films either sent complex VFX work to Hollywood studios or compromised on quality with domestic options. Now, with NY VFXWAALA and a few other quality Indian studios, filmmakers can get world-class VFX domestically at competitive prices.
Ajay Devgn proved that celebrities can build serious technical businesses if they’re willing to partner with experts, invest properly, and stay actively involved. The studio’s expansion into gaming VFX and international markets through the Goodbye Kansas partnership suggests the best is yet to come. Not bad for a venture that started because one actor got frustrated with mediocre visual effects.
