The 300-acre theme park, situated on the Mumbai-Pune Expressway, was set up with an initial investment of about Rs 1,200 crore. It was opened to public in April this year.
"With this investment, Adlabs will continue on the journey to build a suite of first-of-its-kind entertainment projects for consumers," Shetty told PTI.
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The company will add a water park and a hotel soon, which will take the total investment in the project to Rs 1,650 crore, he added.
It is also looking at setting up a second theme park, spread over about 60 acres in Hyderabad.
This is ICICI Ventures' first investment in the theme park entertainment space. It manages assets worth more than USD 2 billion across areas like private equity, real estate, mezzanine and infrastructure.
"Shetty is a visionary in the media and entertainment sector and has a passion for providing consumers exceptional entertainment experiences. We look forward to working with him in this journey," ICICI Venture executive director Prashant Purker said.
The park can accommodate about 20,000 visitors daily and aims to host over 3 million visitors in the first year of operations. It has 21 rides and attractions.
Yes Bank was the financial advisor to the deal and Centrum Capital acted as a strategic advisor to the company.