According to reports from Business Standard, the board of Prime Focus Ltd. announced on Wednesday, September 23, that its two material subsidiaries - Brahma AI Holdings Ltd. and Brahma AI Services India Ltd. - have successfully raised $150 million through an equity issuance led by private equity firm Multiples. The transaction values Brahma AI at a $2 billion post-money valuation, with the company also receiving a further $100 million in investor demand and will evaluate increasing the round to accommodate some or all of that interest. As per the deal structure, Multiples Private Equity Gift Fund IV will invest $54.35 million and Multiples Private Equity Fund IV will subscribe to Brahma India shares worth $45.64 million by subscribing to Compulsorily Convertible Preference Shares (CCPS). 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 latest funding round was led by Insight Partners and S32, with participation from existing investors Addition, Greylock and Wells Fargo.
Speaking to CNBC-TV18, Multiples Alternate Asset Management Founder, MD & CEO Renuka Ramnath expressed strong confidence in the investment, describing Brahma AI as 'head and shoulders above' its competition. According to Ramnath, the investment is a structured deal with no fixed percentage stake determined yet, and Multiples has fully participated to the extent permitted by its current funds. She emphasized that what's extraordinary about Brahma AI is its technology, stating the company is 'very, very confident' about its superiority in the market. Brahma AI fits Multiples' long-standing investment thesis of backing emerging technologies and business models that can create new economic opportunities, with applications across entertainment, sports and healthcare, including repurposing historical content for future monetisation, AI-based dubbing, digital twinning and de-aging. Asked about future participation, Ramnath said the firm has already invested to the extent its current funds would permit, with the decision on additional investors being taken by Brahma AI's management.
The transaction will restructure voting rights at Brahma Holdings Ltd. as all existing class A shares held by DNEG Holdings, the immediate parent of Brahma Holdings, or 18.18 crore shares, will be converted to Class C shares. This will cap Prime Focus' indirect voting power in Brahma Holdings Ltd. at no more than 24.99% of the total voting capital, down from 89.27% on a fully diluted basis. Despite the vote control drop, Prime Focus' indirect shareholding through DNEG will remain above the 50% mark in Brahma Holdings, and combined with Brahma India, will stand at 65.67% on a fully diluted basis. As a result of the change in voting rights, both Brahma Holdings and Brahma India will not longer be called subsidiaries and instead become associate companies of Prime Focus. The share swap mechanism involves Multiples' shares in Brahma India being ultimately exchanged for shares of Brahma Holdings Ltd, consolidating the equity structure under the holding entity.
Under the agreement, Brahma Holdings Ltd.'s founder and CEO Prabhu Narasimhan will have the right to appoint a majority of the board of Brahma Holdings Ltd., which is three out of six directors. DNEG Holdings will have the right to appoint one director, as long as it continues to hold more than 50% stake in the Class C shares. Multiples will also have the right to appoint one director on Brahma Holdings' board, as long as they continue to hold 51% or more of the CCPS issued to them. Following the fundraise, Prime Focus said it will continue to be the largest economic shareholder of Brahma AI, holding approximately 66% of its economic ownership through subsidiary DNEG, post dilution from the fundraise, ESOP pool and founder equity. There will be no management control in Prime Focus due to this fund raise, and Brahma AI will continue to operate as an independent company under Founder and CEO Prabhu Narasimhan, with its own governance framework, board and management structure.
According to Business Standard, Brahma AI is an AI-native enterprise technology company focused on audiovisual content across media and entertainment, sports, healthcare, and advertising. Its technology spans enterprise content intelligence, visual AI and digital humans, working with global enterprises including Warner Bros, the NBA, and Mayo Clinic, alongside strategic relationships with Google, Hakuhodo, and DNEG. The company focuses on four global verticals: media & entertainment, sports, healthcare, and advertising. Brahma AI was founded by Prabhu Narasimhan and is led by Co-Founder & CTO Jo Plaete, one of the world's leading experts in AI, visual AI, digital humans and high-fidelity synthetic media. The platform combines enterprise content intelligence and management with sophisticated AI creation technologies spanning visual AI, digital humans, voice, and multilingual performance. Brahma AI's technology has received significant industry recognition, including a 2026 Technology & Engineering Emmy Award. The company operates around Brahma AI Core and Brahma AI Studio, with Jo Plaete heading the technology and R&D division as the company continues to develop and expand its AI platform.
According to Business Standard, Prime Focus Founder and CEO Namit Malhotra stated that the company now has two growth engines: DNEG in visual effects and animation and Brahma AI as an enterprise AI platform. Brahma AI CEO Prabhu Narasimhan revealed plans to use the new capital to invest in its technology, expand its presence in the Bay Area and scale its global go-to-market organisation. "We are shortly launching interactive digital humans, we are building Brahma to be model agnostic and we are taking our technology into entirely new use cases across sports, healthcare and advertising," Narasimhan said. "We now have the firepower to invest aggressively in all of this, build out our presence in the Bay Area and significantly expand our global go-to-market organisation." 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. The deal values the company at nearly three times the $1.3 billion valuation achieved when it last raised $100 million in May 2025, reflecting strong market confidence in the AI enterprise platform.
