[8] The company partnered with AGS Entertainment and co-produced the Hindi remake of the 2022 Tamil blockbuster, Love Today, starring Junaid Khan and Khushi Kapoor.

[10] Phantom Films was founded in 2011 by Madhu Mantena, Anurag Kashyap, Vikas Bahl, and Vikramaditya Motwane, and was cited as the "directors' company".

Based on O. Henry's short story, The Last Leaf, the film received high critical acclaim upon release, with particular praise directed towards Sinha and Singh's performance.

[15][16][17] Ugly, a drama thriller was the next production venture of Phantom, directed by Anurag Kashyap starring Rahul Bhat and Ronit Roy, which premiered in the Director’s Fortnight section of the 2013 Cannes Festival.

[21][22] Neeraj Ghaywan’s Masaan was Phantom's fourth release of the year, the film marked Vicky Kaushal’s debut where he starred alongside Richa Chadda.

[29][30] The company's final release of the year was the Gujarati film Wrong Side Raju starring Pratik Gandhi and Asif Basra which was directed by Mikhil Musale.

[31][32] In March 2017, Phantom released Vikramaditya Motwane’s survival drama film Trapped starring Rajkumar Rao and Geetanjali Thapa.

[37] That year Phantom also released the neo-noir crime-thriller series Sacred Games starring Saif Ali Khan and Nawazuddin Siddiqui which was co-directed by Anurag Kashyap and Vikramaditya Motwane.

[48] In January 2021, Madhu Mantena and Sheetal Talwar bought out Anurag Kashyap, Vikas Bahl and Vikramaditya Motwane's stakes in Phantom to become equal shareholders in the company with Reliance Entertainment.

[49] The team co-produced the Hindi remake of the 2022 Tamil blockbuster Love Today, Loveyapa (2025), starring Junaid Khan and Khushi Kapoor.