In the poster for Matka, Varun Tej is depicted in a black suit with a white shirt and crimson tie, while his reflection shows simpler clothing, hinting at a rags-to-riches story. The intense image, featuring a cigar, cash bundles, and a revolver, suggests a crime-centric plot. Varun will play four distinct roles in this film, based on real events from Visakhapatnam in the 1960s and 70s.

Production began in 2023, with a pooja ceremony held in Visakhapatnam, attended by producer Allu Aravind. The film stars Meenakshi Chaudhary as the female lead and features Nora Fatehi in a significant role. The cast also includes Naveen Chandra, Kishore Kumar G, Ajay Ghosh, and Vijaya Ramaraju. Backed by Vyra Entertainments, the film is currently in production.

On a personal note, Varun married actress Lavanya Tripathi in Italy in November 2023. Their collaboration in Antariksham 9000 KMPH followed their successful film Mister. Despite his efforts, Varun's recent films, including Ghani, F3: Fun and Frustration, Gandeevadhari Arjuna, and Operation Valentine, have not performed well at the box office.