04-07-2025
Dharma Productions CEO Apoorva Mehta says his career was a ‘happy accident'
Apoorva Mehta had no idea that a seemingly ordinary day back in class VI at Greenlawns High School in south Mumbai was going to set the course for the rest of his life. A student from another section was transferred to his class. The principal asked who was willing to make friends with the new boy. Mehta put his hand up. Forty years on, they are still friends and run a film production house that has diversified into web shows, talent management and advertising, well known in Bollywood circles as Dharma Productions.
That boy was filmmaker Karan Johar, owner of Dharma, the company he inherited from his father Yash Johar, where Mehta has served as CEO for the past 20 years.
'For many people, their careers are happy accidents and I'm certainly a testament to that," Mehta, 53, says over a video call, days before leaving for the Cannes Film Festival where Dharma's latest film Homebound premiered in the Un Certain Regard category. 'I didn't know him (Johar) at all. It was just one of those things, I don't know why I did it (put my hand up to agree to be his friend) but I'm very glad I did."
Mehta and Johar continued to stay friends through school, and eventually enrolled at HR College of Commerce & Economics, bonding over Hindi films and music all through (though they promptly changed cassettes in the car stereo to English songs while approaching college so as to not appear uncool). After college, Mehta joined his family's copper rolling business—his father died when he was just 17—while Johar went on to make friends in the film industry, such as distributor Anil Thadani and filmmaker Aditya Chopra. He assisted the latter on his directorial debut Dilwale Dulhania Le Jayenge (1995), eventually making his own film, Kuch Kuch Hota Hai (1998). Mehta, meanwhile, wasn't exactly happy.
'After spending a few years there, I realised the factory was run very efficiently by my uncles and I wasn't really adding any value. I couldn't see myself doing that (in the long run)," says Mehta, who was planning to go abroad for an MBA degree when Johar chimed in. Aditya Chopra, then beginning to take over the reins of the business from father Yash Chopra, was opening an office in London for the distribution of films by YRF (Yash Raj Films) in the overseas market.
Johar asked Mehta, who had a diploma in financial services management from the Jamnalal Bajaj Institute of Management Studies, if he would like to try it out. 'It sounded like a great opportunity because it would allow me to work and study (executive master's in business management at Cass Business School) simultaneously. So I went there as head of finance for international operations and was there for five years till Karan's father was diagnosed with cancer in 2004. They had just finished Kal Ho Naa Ho and he asked me if I could come back and join him," Mehta recalls, adding that he just couldn't say no.
Johar's vision for the company was laid out for him in advance, Mehta says. He wanted to make multiple films—essentially Bollywood-style narratives—and emerge as a global name in storytelling while embracing innovation. Mehta's role was clear. 'His father was an extraordinary producer and businessman and he (Johar) was looking for somebody he could trust to take charge of that portfolio. Karan is extremely strong creatively, but he chooses not to be too involved in the business aspect of the company. He needed somebody to be there and replace his father in a sense," Mehta says. Except that Mehta had no experience in producing a film—his role at YRF had been limited to distribution of films overseas.
'I had never been on a film set. The first film we did together was Kabhi Alvida Naa Kehna (2006) and it was the most difficult experience, but in hindsight, my most precious one, because it taught me everything about how to run film production. His father was somebody who took charge of that earlier and here I was running to him with questions because I was Mehta laughs.
What worked really well in the long term, he adds, is that Johar and he have 'contrasting personalities". 'The lines have very clearly been drawn from Day One and we were both very happy looking after our respective portfolios. That's kept it very simple and uncomplicated. And credit to him for giving me that power, freedom and responsibility because it doesn't necessarily happen, especially when it's a family run company," Mehta says, adding that the two don't take each other for granted, and there is autonomy in decision-making, but always meaningful consultation.
Following up on Johar's debut film Kuch Kuch Hota Hai with family drama Kabhi Khushi Kabhie Gham (2001), Dharma soon decided to give direction opportunities to assistants like Ayan Mukerji and Tarun Mansukhani in the company and clocked hits such as Dostana (2008), Wake Up Sid (2009), Agneepath (2012), Yeh Jawaani Hai Deewani (2013), and Kapoor & Sons (2016). Further, a new sector of the company called Dharma 2.0, which focuses on producing advertising commercials, was launched in 2016, and another subsidiary called Dharmatic Entertainment in 2018, which has produced films and shows such as Fabulous Lives of Bollywood Wives and Call Me Bae for video-streaming platforms. In 2020, Johar announced a talent management venture Dharma Cornerstone Agency in partnership with Bunty Sajdeh's talent management firm Cornerstone.
Dharma Productions reported a consolidated revenue of ₹512.2 crore in FY24, according to data from financial intelligence firm Tofler. This includes ₹111 crore from distribution and exhibition of films, ₹80.3 crore from satellite rights and ₹163 crore from digital platforms.
Calling OTT a game changer in entertainment, Mehta says the company is aware that audiences' tastes and preferences are evolving at a very rapid pace. The need of the hour is to create content that breaks through the clutter instead of getting lost in that shuffle. 'The macro environment is that you're dealing with the growing popularity of regional films, the existing popularity of Hollywood films and you have multiple sports leagues, so several forms of online and offline content. What you realise now is that content is king and now more than ever you have to make sure you're telling compelling stories that your audiences can relate to, that touch them emotionally, make them think or that offer a fresh perspective to an existing genre," Mehta says.
For cinema, Dharma has figured that it needs to focus on telling local stories, which have universal themes. It also needs to invest in technologies so it can enhance content delivery of the product and provide an experiential viewing to the consumer, Mehta says. 'There are two buckets in our opinion that will survive, one is the experiential, larger-than-life tent-pole franchise film. The other is the high-concept film and all the other middle order will eventually find its way to the digital platform," he emphasises. The other guiding principle is to have the right commercial objectives as an organisation. 'That is really the brief given to all our creative teams. While it's great to have that one film that is being made for love, everything else has to recover money. Because eventually it's a business and we are here to look after all the people who work for us in the organisation and also to earn revenue and profit for ourselves," Mehta says.
Mehta clearly isn't oblivious to challenges in the business. Last year, Serene Productions, led by business tycoon Adar Poonawalla, entered into a binding agreement to acquire a 50% stake in Dharma Productions; Johar holds the remaining 50%. Serene Productions will invest ₹1,000 crore in Dharma, which, with this investment, is now valued at ₹2,000 crore.
'For the company, this partnership was important because it gives us financial stability and allows us to plan for the long term. We are in a disruptive environment, so this is one big advantage that has happened," he says. It also allows the company to focus on creating more content, expanding infrastructure and eventually making its own movies. 'The idea for us now is to eventually shift to becoming a content and IP- (intellectual property-) driven company as opposed to operating just like a studio, which is what we were doing earlier. Personally, I find myself spending much more time now on strategic direction and nurturing new verticals, for instance, we've started a distribution arm. We want to build an organisation that goes beyond its individuals," Mehta says.
Describing himself as a stickler for details, and 'obsessed with Excel charts and reports", Mehta says he does micromanage a lot but now fortunately has a team that has adapted to his style and takes care of most of the work. Some of these learnings have come from the days at YRF. 'The most important learning is that the processes and systems have to be in place because all of that ensures that there's no misuse of power or excessive dependence on anybody else. You are able to run your organisation correctly. For me, that is very critical and that's what I think has helped us become the company we are," he says.
Mehta says he leads a very structured life: he is in bed by 11pm and up by 5.30am on regular days. Wife Bijal is a health enthusiast and fitness found its way into his regime early on in the form of morning workouts and yoga. Mehta also finds himself following his wife in terms of doing meditation and prayers. Other than spending time with friends and family in quieter settings, he enjoys taking short breaks and holidays. 'I don't read as much now. That's one regret," he says. 'I'm hoping to get back on track, but that's really gone. I keep saying there are so many contracts to read now and scripts to hear that the book has taken a backseat," he laughs.
