Snow World owner Prasuk Jain eyes IPO in 2027 with close to 90 properties

MUMBAI: Prasuk Jain, the entrepreneur behind Prasuk Jain Hospitality, is gearing up for a significant expansion in India's entertainment sector. The company, which owns Snow World Entertainment in Mumbai along with 31 other entertainment, gaming, and F&B properties such as The Game Palacio, Formula Karting, and The Game Super Park, is planning an investment of over ₹200 crore to add 16 new properties this fiscal. This move will bring the total number of properties close to 50.

Looking ahead, Jain aims to grow the number of stores to 80-90 over the next two and a half years, targeting a revenue of ₹1,000 crore. Once this milestone is achieved, the company plans to file for an initial public offering (IPO).

"We started operations 12 years ago with our first Snow World in Phoenix Marketcity in 2012. Today, we have four operational Snow Worlds across Mumbai, Pune and Ahmedabad,” Jain, founder of the group, told Mint.

Jain highlighted that India's entertainment landscape has lagged behind global standards, with many promising concepts like Smaash, Essel World, and Imagica struggling to sustain. "Foreign investors have lost interest due to these failures, so we decided to first prove ourselves," he said.

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To diversify and expand, Prasuk Jain Hospitality introduced a mix of formats, launching The Game Palacio in 2016—a gaming zone that combines bowling, arcade games, and fine dining. However, the business faced challenges after the demonetisation, almost leading to its closure in 2017. "Consumers stopped spending on entertainment, and we were on the verge of shutting down. But we survived, and 2018 marked a fresh start with our launch in Atria Mall, Worli," Jain said.

Currently, the company operates 32 stores, including The Game Palacios, Formula Karting, Koa Cafe & Bar, Amazonia, and Pokiddo trampoline zones. Jain also revealed plans to launch Super Parks, which will house multiple entertainment formats under one roof.

This fiscal year alone, the company has opened six new properties and plans to open 16 more by March 2025. Last year, the company recorded a revenue of ₹180 crore and expects to close FY’25 with ₹400-450 crore, Jain said.

Jain noted that the company has not parted with equity so far and has raised funds through debt. "We will continue to raise institutionalized debt," he added.

Discussing the potential of India’s entertainment sector, Jain observed, "When it comes to entertainment themes, India is still in a nascent state. We travel abroad to visit attractions like Madame Tussauds, but we don't invest in similar experiences in India."

As part of the expansion, Jain is planning a Gaming Super Park in the upcoming Oberoi Mall in Borivali, a 140,000-square-foot indoor park featuring India's first Sea World, an adventure world, fine dining, a bounce park, and more. This project is expected to involve an investment of around ₹84 crore, with partners. Overall, the company is raising structured debt of ₹140 crore to support its ambitious growth plans.