Brahma AI raised $150 million in preferred shares led by Multiples, valuing the enterprise audiovisual AI company at $2 billion post-money, with Multiples committing $100 million and a further $100 million of investor interest reported. The deal cuts Prime Focus' indirect voting power in Brahma Holdings to 24.99% from 89.27% and deconsolidates the unit, while Prime Focus retains 65.67% of the economics.
Multiples Alternate Asset Management has taken the lead on a $150 million preferred-share issuance for Brahma AI, a bet on enterprise audiovisual software that prices the company at $2 billion post-money and gives India's largest homegrown private equity firm a board seat in a business it says is chasing a multi-billion-dollar market.
Multiples committed $100 million of the total, split between Multiples Private Equity Gift Fund IV at $54.35 million and Multiples Private Equity Fund IV at $45.64 million, according to a Prime Focus Ltd. exchange filing. Brahma AI said it received a further $100 million of investor interest beyond the round, with Cantor Fitzgerald & Co. acting as sole placement agent.
"Brahma AI is reimagining the content supply chain in the age of AI," Renuka Ramnath, founder, managing director and chief executive of Multiples, said. "Our investment is anchored in the belief that every enterprise is becoming a content enterprise."
The deal restructures control at Brahma Holdings Ltd. Existing Class A shares held by DNEG Holdings — 18.18 crore shares — convert to Class C, capping Prime Focus' indirect voting power at 24.99% from 89.27% on a fully diluted basis. Prime Focus' economic stake stays above the 50% mark through DNEG and reaches 65.67% combined with Brahma AI Services India. Both entities move from subsidiaries to associates of the listed parent. Founder and CEO Prabhu Narasimhan gains the right to appoint three of six Brahma Holdings directors; Multiples appoints one while it holds at least 51% of the convertible preference shares. Multiples' combined stake works out to 5% of equity and 10.9% of voting rights.
Prime Focus will receive no consideration, because the transaction is a primary fundraise at the Brahma level rather than a sale of shares by the parent. No Prime Focus shares are being issued. The stock closed 1.2% higher at ₹357 on Tuesday and is up 16% this year.
Brahma AI sells what it calls an AI-native operating system for enterprise audiovisual content, built from the technology stacks of DNEG, Metaphysic and Prime Focus Technologies after the Metaphysic merger in February 2025. The platform pairs Brahma AI Core, a content intelligence and management layer, with Brahma AI Studio, a creation tool spanning visual AI, digital humans, voice and multilingual performance. The company won a 2026 Technology & Engineering Emmy Award for AI-based face replacement and performance-preserving post-production transformation.
Named anchor customers include Warner Bros, the NBA and Mayo Clinic, with distribution partners Google, Hakuhodo and DNEG. Brahma AI Services India generated ₹203 crore of revenue in the financial year ended March 2026, equal to 4.34% of Prime Focus' consolidated turnover, the filing shows. Brahma Holdings itself recorded no turnover for the year but represented 76.37% of Prime Focus' consolidated net worth — a gap that explains why the parent is willing to surrender voting control to keep the unit funded.
The capital is earmarked for research and development, global go-to-market build-out and a significant Silicon Valley presence. Narasimhan said the company is close to launching interactive digital humans and is building the platform to be model agnostic, so customers can route work across competing foundation models rather than committing to one vendor.
The structure is the tell. Multiples is buying convertible preference shares, not common equity, and taking a single board seat against a 5% economic stake — the profile of a growth investor underwriting a category rather than a control position. The voting-rights reset also lets Prime Focus keep Brahma's losses and cash needs off its consolidated books while retaining 65.67% of the economics, a common maneuver for listed parents funding capital-hungry AI units.
For the wider AI capital-formation trade, the round is a data point on where private money is still willing to go. Brahma AI is not a foundation-model developer competing for GPU clusters against OpenAI or Anthropic; it sits one layer up, selling workflow software into media, sports, healthcare and advertising. That positioning attracts different capital — longer-duration, enterprise-software multiples rather than frontier-lab risk — and the $2 billion post-money mark implies roughly 100 times the ₹203 crore revenue base of the services arm, though the two entities are not directly comparable.
Chandrashekar Mantha, partner and media and entertainment sector leader at Deloitte India, said the technology could let existing teams produce more content rather than simply cut headcount — the argument that determines whether studios treat AI tooling as a budget line or a headcount substitute.
The competitive set is crowded and well funded. Adobe has pushed generative video into Firefly and Premiere, Runway and Luma operate at the model layer, and Nvidia's Omniverse and Apple's and Google's platform teams are all chasing enterprise content pipelines. Brahma AI's differentiator is provenance and authenticity controls alongside the creation tools — a requirement that matters more to Warner Bros or Mayo Clinic than raw generation quality.
The near-term test is whether the interactive digital humans ship on schedule and whether the Silicon Valley build-out converts into enterprise contracts. Prime Focus shareholders vote on the special resolution under SEBI's Regulation 24(5) before the transaction closes; until then, the $2 billion valuation is a private mark, not a market price.
This article is for informational purposes only and does not constitute investment advice.
