At the time of the incident, two TV serials were being shot at the studio - Bepanaah and Haasil. All actors and crew members exited the studio and are reported to be safe.
Videos on Twitter showed the fire covering a massive area around the studio with smoke billowing into the sky, which could be seen even from a few kilometres away.
The fire department says it received a call at 8:07 pm and the fire engines reached the spot at 8:25 pm.
The blaze, according to preliminary reports, started at a generator in the studio. It was reported to be a level 3 fire, which calls for immediate evacuation and access only to firefighters.
The incident comes just days after a deadly fire killed 14 people including 11 women, most of them in their 20s and early 30s in the city's Kamala Mills compound. Several others were also injured in the huge fire that started from a restaurant and spread rapidly to nearby restaurants and offices as well.
A case has been filed against Mojo's Bistro -- the pub where the deadly fire started, and one of the pub owners has been arrested. Yug Pathak, the son of Pune's former police chief KK Pathak, who was arrested today, is a partner in the business.