Adlabs Entertainment-owned Adlabs Imagica, a large format theme park, is looking to monetise on its character-based merchandise, besides expanding its presence in South and North India.

The company, which is designed on the lines of Universal Studio, has a theme park between Mumbai and Pune.

“When we started we wanted to create our own characters rather than replicate one of the international characters. Our rides and attractions are based on Indian mythology and Bollywood among others,” Manmohan Shetty, Chairman, Adlabs Entertainment, told BusinessLine on the sidelines of an event.

The company said its characters like Tuby the Elephant, Neera the Mermaid and Tuta-Futa and Mogambo are among those it is considering to monetise on.

“Character licensing and merchandising is a huge business globally and we plan to add a revenue stream from the vertical,” he added.

Currently, 75 per cent of its revenue is from ticketing, 15 per cent from F&B and the remainder from merchandise. Imagica said the part had nearly 7.6 lakh visitors this year.

Indian characers The company said it has six stores in its theme park. It is also planning to sell merchandise through third-party e-commerce platform.

Meanwhile, AEL has filed an application with the SEBI to raise approximately over ₹400 crore through an IPO, of which ₹330 crore will go towards clearing part of the debt.

Speaking on its expansion, Shetty said that the company is in the process of converting the theme-park into a family destination.

“We are also in the process of setting up a 287 key hotel adjacent to the theme park. We are also looking to explore possibility of MICE and wedding,” he added. The total size of Imagica project is ₹1,650 crore, out of which the theme park is a ₹1,350-crore project, while the water park and hotel are worth ₹150 crore and ₹200 crore respectively. Shetty said that the company is also looking to set up two Imagicas in Hyderabad and Delhi-NCR.

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