Made in India VFX firm Digikore Studios set for IPO; plans to build a global base

Popular international content titles, such as Thor: Love and Thunder, Black Panther: Wakanda Forever, Star Trek, Jumanji, and Stranger Things, share a common characteristic. Digikore Studios is the Indian visual effects (VFX) company that has worked on more than 200 global film and web series projects and now intends to establish a global presence.

After obtaining NSE EMERGE's approval, the company will launch its initial public offering (IPO) in the next phase of its development. The IPO is scheduled to begin trading on September 25, 2023, and end on September 27, 2023. The price range for the IPO is between Rs 168 and Rs 171, with a total size of Rs 30,479,000,000.

"The past six years have been prosperous, and it is now time to take the next step and expand in North America and establish a base there. We intend to position Digikore as a global company, which will assist us in acquiring larger international initiatives. As an Indian VFX and animation company, we have not been able to acquire larger assignments due to the prevalent mentality. "We plan to lead with our Digikore Visual Effects Inc. subsidiary in Canada," said the company's founder, Abhishek More, in an interview with Moneypoise.

He stated that the objective is to become a $25 million company by 2026. "Last year (FY23), we had revenue of Rs 33 crore and are on target to achieve Rs 50 crore this year (FY24). We aim to generate Rs 200 crore in revenue by 2026. This appears to be a large amount in Indian terms, but for a Canadian VFX company, $25 million is regarded a mid-sized amount. There are VFX studios with budgets ranging from $70 to $80 million to upwards of $200 to $300 million.

The flashback

More founded Digikore in 2010 as a 2D animation company to pursue his passion and avoid entering the family business. "In the first decade of my life, I made every incorrect choice. My father advised me to close the business, but I was adamant about keeping it open. When we began, the animation industry was thriving, but by 2004–2005, 2D animation was on the decline. It was supplanted by 3D animation, which resulted in a significant loss of revenue. In 2009, the circumstances were such that I was compelled to close the business and join the family business. But I had no intention of giving up. In 2009, we reduced our workforce from 150 to five employees, which was just enough to keep the ship afloat.

According to More, his voyage with Digikore has been an emotional roller coaster. "We re-identified VFX in 2010, and it was in its infancy at the time. I learned that James Cameron is developing a 3D version of Titanic. I was able to acquire his email address and immediately began sending him emails requesting assistance with his endeavor. Titanic 3D became our first assignment as a VFX studio after receiving numerous emails from me. This became my calling card, which assisted me in landing additional assignments."

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More's decision to concentrate on Indian projects brought about the plot twist.

More founded Digikore in 2010 as a 2D animation company to pursue his passion and avoid entering the family business. "In the first decade of my life, I made every incorrect choice. My father advised me to close the business, but I was adamant about keeping it open. When we began, the animation industry was thriving, but by 2004–2005, 2D animation was on the decline. It was supplanted by 3D animation, which resulted in a significant loss of revenue. In 2009, the circumstances were such that I was compelled to close the business and join the family business. But I had no intention of giving up. In 2009, we reduced our workforce from 150 to five employees, which was just enough to keep the ship afloat.

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According to More, his voyage with Digikore has been an emotional roller coaster. "We re-identified VFX in 2010, and it was in its infancy at the time. I learned that James Cameron is developing a 3D version of Titanic. I was able to acquire his email address and immediately began sending him emails requesting assistance with his endeavor. Titanic 3D became our first assignment as a VFX studio after receiving numerous emails from me. This became my calling card, which assisted me in landing additional assignments."

More's decision to concentrate on Indian projects brought about the plot twist.