Ketan Mehta eyes $10 mn from PE players for Maya

MUMBAI: Filmmaker Ketan Mehta, who branched out into animation and started his own company Maya Digital Studios, is in talks to raise $10 million from private equity (PE) players for expansion. “We want to expand in the existing verticals of VFX and computer animation and also into newer allied verticals which will need money,” Mehta said here.

At present, he is in an advanced stage of talks with PE players to raise up to $10 million (around . 46 crore) and will be parting with a minority stake in his company, he said. He said the deal is expected to be sealed by March-end this year, but refused to comment on the firm’s valuation part. Maya was founded in 1996, and last year, it split into two, the education division, which was taken over by Aptech; and the studio business, which Mehta and his wife Deepa Sahi retained.

When asked about the newer verticals he was thinking of expanding into, Mehta said dedicated wings for conversion of 2D content into 3D and gaming will be the broad areas Maya would be looking at. With the PE placement, the firm’s total employee strength will double to 400, he said, adding plans are already afoot to have a new studio in Goa and one in Mumbai’s film city.