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In October 2024, as Karan Johar’s Dharma Productions anxiously prepared for the theatrical release of its much-anticipated Hindi-language thriller Jigra (Courage), few outside the industry were aware of the serious financial strain the iconic studio was under.
Despite its legacy of delivering some of Bollywood’s most beloved films, Dharma had been battling a streak of underperforming releases since 2019. Of the four films it released in theatres in 2024, only one managed to recover part of its investment. The company’s financial troubles had deepened sharply, with net profits plunging from $1.2 million in FY 2023 to just $68,135 in FY 2024. Reports also suggested that Dharma’s top management, including directors, had gone unpaid for several months.
Karan Johar, now 52, who took over the studio after his father Yash Johar’s passing in 2004, was reportedly exploring the sale of a 50 percent stake in the company to bring in fresh capital.
Jigra, starring Alia Bhatt and set against the backdrop of Thailand, was seen as a make-or-break project for the production house. The film, made on a hefty budget of ₹800 million ($9.2 million), featured Bhatt not only as the lead actor but also as a co-producer. Yet, skepticism loomed within industry circles — whispers grew louder that the film might struggle at the box office.
Despite internal doubts, Dharma pushed hard on the marketing front to build buzz. Posters and trailers were released in the weeks leading up to the film's debut, with the trailer allegedly racking up over 40 million views within 24 hours. Social media handles flooded with enthusiastic reactions like “Goosebumps all over” and “Absolute banger.”
However, many of these glowing endorsements appeared to come from influencers, content creators, and individuals connected directly to the film’s cast or crew — raising questions about the authenticity of the hype.
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