This man built India’s largest MULTIPLEX CINEMA CHAIN, worth ₹11,600 crore

From a single-screen theatre in Delhi to India’s largest cinema chain spanning 1,700+ screens, PVR INOX Limited’s story is a testament to vision, consolidation and diversifying entertainment. Headquartered in Gurgaon and led by Ajay Bijli, the company now dominates cinema exhibition in India, backed by strong verticals and a robust content business.

Beginnings: PVR and the Multiplex Revolution

Founded on April 26, 1995, PVR began as a joint venture between Priya Exhibitors and Australia’s Village Roadshow. Under the guidance of Ajay Bijli, an IIM Bangalore alumnus and former Microsoft employee, the company spotted a gap in India’s entertainment market: unorganised theatres, limited choice and poor service.
In 1997, PVR launched India’s first multiplex in Vasant Vihar, New Delhi, pioneering the transformation of cinema viewing in the country.

Growth, Partnerships & Expansion

Over the years, PVR expanded through strategic mergers and alliances:

• In 2010, PVR merged with another major exhibitor (Leisure World) to increase its footprint. (As per your summary)
• In 2011, it partnered with IMAX to bring premium large-format experiences to Indian audiences.
• By 2019, PVR had grown to more than 700 screens across over 50 cities.
  This growth built the foundation for scale and national leadership in cinema exhibition.

The Game-Changing Merger: PVR + INOX

In 2022, PVR announced a merger with rival chain INOX Leisure to form the country’s largest cinema chain.
The formal consolidation created PVR INOX Limited, bringing together over 1,700 screens in more than 350 locations, making it the dominant player in India’s multiplex market.

Business Model: Four Pillars of Revenue

PVR INOX focuses on four main revenue streams:

• Box office ticketing – the core of cinema exhibition.
• Food & Beverage (F&B) – popcorn, meals and premium concessions.
• Advertising – leveraging screen space and theatre networks to generate ad revenue.
• Premium experiences – luxury formats, IMAX, 4DX and high-end seating for differentiated pricing and higher margins.
  These diversified pillars have allowed the company to monetize more than just the ticket sale.

Content Business: PVR INOX Pictures

Beyond exhibition, PVR INOX has also moved into production and distribution through its arm PVR INOX Pictures.
This division has distributed over 500 Hollywood films and 200 Bollywood titles, expanding the company’s footprint far beyond theatres and into the content supply chain.

Scale, Presence & Workforce:

• The merged entity operates across India and Sri Lanka with more than 1,700 screens in 350+ locations.
• Headquartered in Gurgaon, PVR INOX employs over 20,000 people nationwide.
• According to reports, the company’s market-capitalisation stands at around ₹11,600 crore, reflecting its sizeable value in the Indian entertainment sector.

Key Takeaways:

1. Identifying an industry gap – PVR spotted the need for organised and technology-enabled cinema in India and built a model around it.
2. Scale through consolidation – The merger with INOX created unmatched market reach and synergies.
3. Diversification of revenue – Ticketing alone is not enough; F&B, advertising and premium formats matter.
4. Vertically integrated content business – By producing and distributing films, PVR INOX controls more of the value chain.
5. Strong brand & presence – With nationwide presence, branded experience and large employee base, the company has built a durable leadership position.

The Road Ahead:

As India’s entertainment market continues to evolve, PVR INOX’s scale, diversified model and content-oriented strategy position it well for growth. Yet challenges remain: managing theatre footfalls, competing with streaming services, and maintaining growth across smaller cities. How it handles these will determine its next chapter in India’s evolving cinema landscape.