Zee Entertainment to invest ₹116 crore in Phantom Digital Effects to boost AVGC play

Broadcaster Zee Entertainment on Friday announced a strategic investment of ₹116 crore in Phantom Digital Effects, a visual effects and animation studio, according to a company statement.

Phantom Digital Effects has a global presence in key global markets, such as the US and UK, it added.

The investment aims to enhance Zee Entertainment Enterprises Ltd's (ZEEL) presence in the high-potential Animation, Visual Effects, Gaming and Comics (AVGC) segment, it said.

"The Board of Directors of the Company at its meeting held today -- April 17, 2026, has approved the investment up to ₹116 crore in the Compulsorily Convertible Debentures (CCDs) of Phantom Digital Effects on a preferential allotment basis, in one or more tranches," said ZEEL in a regulatory filing.

The company is eying the global content ecosystem, which is increasingly shifting towards premium, VFX-heavy OTT & films. Execution quality, visual realism, scale and delivery timelines have become decisive factors alongside storytelling.

"The company’s ambition for IP-led franchises needs world-class execution, which can be provided by Phantom. It would be able to enhance and accelerate the company’s creative ambition by adding deep execution capability," said ZEEL.

Phantom was incorporated in 2016 and had a turnover of ₹102.2 crore in FY25.

(Except for the headline, Fortune India has not edited the content of this PTI report.)