In 1994, amidst the vibrant chaos of Bombay, three ordinary young men—Karan (Shahid Kapoor), Zing (Meiyang Chang), and Chandu (Vir Das)—celebrate their college graduation with a trip to Bangkok, Thailand. This journey is not merely a holiday; they are currency couriers sent on a paid trip by the shrewd Archie Bhai (Jameel Khan), who plans to use their services to buy imported goods for profit. It is during this unexpected adventure that they cross paths with Bulbul (Anushka Sharma), another courier working for Archie, sparking both a business alliance and a budding romance.
Karan, who has always dreamed of entrepreneurship, confides in Bulbul about his aspirations. He faces pressure from his father, Sajjan Kapoor (Anupam Kher), who insists he pursue an MBA instead. Bulbul reveals her own dream—to become a supermodel—and encourages Karan that great ideas don't necessarily require significant capital. However, their plans take a serious turn when Sajjan suffers a heart attack, prompting Karan's mother, Maya (Kiran Juneja), to pawn her jewelry for his hospital care, which devastates Karan.
Determined to change their fortunes, Karan, Zing, and Chandu devise an audacious scheme to smuggle Reebok shoes into India, avoiding steep customs fees of 120%. They plan to split the shipment into left and right shoes, creating a scenario where they can buy back the confiscated goods at an auction under the guise of being scrap dealers. After successfully executing their plan and selling the entire consignment to Archie Bhai for a sizable profit of 10 Lakhs, they brand their venture "Friends and Company."
However, when Karan is caught stashing away black money by his father, he is forced to leave home, taking refuge with Bulbul and leveraging her connections for contracts. As the Indian government reduces import duties, the group decides to take their business to America, with the help of Karan's Uncle Jazz (Pavan Malhotra). Their new venture involves importing leather gloves, but they use a similar strategy, selling mismatched pairs and buying them back at lower prices to create profit.
As they become increasingly wealthy, a troubling rift develops among friends. Zing's violent outburst towards his girlfriend and Karan's growing greed lead to tensions, ultimately fracturing their camaraderie. Bulbul leaves Karan upon learning he married another woman for a green card, while Chandu exits to start a video store.
Ultimately isolated and regretful, Karan returns to India for an event honoring his father. This moment of reflection prompts a paradigm shift for him. Back in America, he is arrested and serves six months in prison, where his situation worsens until Bulbul pays his bail and sacrifices her earnings to help him.
Once released, Karan reconnects with Bulbul, who reveals she is pregnant. Determined to make amends, Karan rejoins forces with Zing, Chandu, and Jazz, seizing a new opportunity as his uncle's failing shirt business presents a golden chance. They create a buzz around a new line of color-changing shirts, which captures the public’s imagination, leading to an unprecedented surge in sales and profits.
Now thriving under the rebranded "Friends and Company," which has transitioned to a public limited company, Karan finds joy with Bulbul and their child. With his friends reunited and his father’s pride restored, Karan has transformed his life from a world of deceit to one filled with hope and fulfillment. "Friends and Company" finally flourishes, symbolizing resilience and the strength of friendship, as Karan embraces a brighter future alongside his loved ones.
