Sriram Raghavan Returns to the Tonal World of 'Johnny Gaddaar' with a New Thriller at Matchbox Shots
Indian film-maker Sriram Raghavan is developing a new fiction thriller in the tonal vein of his 2007 cult favourite Johnny Gaddaar, set up at Mumbai production house Matchbox Shots, according to Variety.
Raghavan told the trade that he is personally working on two subjects with the company: a true-crime project he is adapting in his own way, and the fiction thriller that lives in the Johnny Gaddaar zone. The Johnny Gaddaar anniversary is approaching — the film turns 20 next year — and the director has not yet settled on a title for the new project. Variety
For those who haven't seen it, Johnny Gaddaar was a twist-laden neo-noir heist thriller that marked Neil Nitin Mukesh's screen debut alongside veteran star Dharmendra. It earned a cult following over the years for its tightly wound plot and dark tonal swagger.
The partnership between Raghavan and Matchbox Shots goes back to the company's origins. Matchbox launched with the 2018 blind-pianist thriller Andhadhun, which Raghavan directed. That film became the breakout hit that put the production house on the map.
Andhadhun grossed $62.4 million worldwide against a production budget of roughly INR 160 million, or about $1.7 million — a return that would turn heads in any film industry. Its China run was especially striking. Released there in 2019 under the title Piano Player, it opened to $10.6 million and went on to gross $47.1 million in the market — more than three times its India total of $13 million. At the time, it ranked as the fifth-highest-grossing Indian film ever released in China.
Raghavan and Matchbox's Sanjay Routray have since collaborated on Merry Christmas, with Routray producing, and Raghavan was also involved with Monica, O My Darling.
Matchbox Shots' current slate extends well beyond the Raghavan projects. It includes a second season of Scoop for Netflix with Hansal Mehta, an untitled dark comedy thriller from Vasan Bala, and another untitled thriller directed by Jasmeet Reen. Routray told Variety the company deliberately aims to serve audiences both in India and internationally, with the common thread being "untold or uniquely told stories with genuine entertainment value."
The company's momentum has been bolstered by the global success of the Netflix war series Operation Safed Sagar, which premiered on 7 August 2026. The series chronicles one of the Indian Air Force's most challenging wartime operations — the Kargil War mission that gives the show its name. Netflix describes it as an untold saga of courage, grit, and sacrifice. Netflix Tudum
The production was no ordinary shoot. Filming took place inside active air force installations under strict operational protocols, using actual MiG fighter jets alongside cockpit simulation technology built specifically for the production. The crew numbered more than 450 people working at altitudes above 16,000 feet.
For fans of Raghavan's brand of dark, twist-driven storytelling, the new thriller signals a return to the register where he first made his name — nearly two decades on.
