Pantomath
AIFIME's View on Pantomath
AMC View
Pantomath is a large financial group operating across Investment banking corporate advisory, structured finance and asset management. Through their investment banking, they developed their expertise in the mid market segment. This strongly feeds into their AIF strategy.
AMC Pedigree
The key differentiator of their AIF strategy is their expertise in mid-market equity. The group seems to have developed strong credentials through their IB given their recent activity in the market through their IB.
Team Pedigree
Investment Committee includes Madhu Lunawat (CIO), Nishad Khanolkar (President) and Prasanna Pathak (Managing Partner). All of them have strong experience in the finance industry with large institutions.
Investment Philosophy
Unlike the traditional larger Pre-IPO funds (that invest in larger companies, that have gone through multiple rounds of funding), the Bharat Value fund seeks to invest in promoter-owned companies without external shareholders. The aim is to use Panthomath's Investment Banking division to help manage the IPO. Value outperformance is driven by being able to enter promoter-owned businesses at a substantially lower valuation than what the Investment Banking team will be able to get at the time of the IPO.
AMC Background
Pantomath Capital Management specializes in mid-market pre-IPO investments through its Bharat Value Fund (BVF), targeting high-growth Indian businesses nearing IPO readiness. The AMC employs a differentiated strategy that combines active ownership, quantitative diligence, and a J-Curve-focused approach. Leveraging deep corporate networks, AI-driven analytics, and a strict governance framework, Pantomath Capital ensures disciplined investment execution. As part of the Pantomath Group—a leading mid-market investment banking platform with 7,000+ corporate connections—the firm benefits from extensive industry reach. Founded by CA Madhu Lunawat (former CFO of Edelweiss ARC) and a seasoned team, Pantomath Capital brings over two decades of expertise in corporate finance, M&A, and fund management.
Investment Philosophy
Core Approach: J-Curve Inflection Investing
- Targets businesses at the "big bang breakout" stage, avoiding startups or cash-burning models.
- Seeks value arbitrage by entering pre-IPO and exiting at IPO (avg. holding: 5 years).
Majority Stake Preference: Prefers being the first institutional investor and acquiring a significant/minority stake (exact % varies but with active control rights). Ensures influence over governance, strategy, and IPO timing.
Stock Selection Criteria:
- Quantitative Filters: Revenue growth >20%, ROCE >20%, debt/equity <1x, promoter holding >75% (unpledged).
- Qualitative Filters: Scalable niche businesses, promoter pedigree, clean governance, and ESG compliance.
- Exclusions: Cyclical sectors, long gestation models, environmentally irresponsible businesses.
Investment Process:
- Screening: Proprietary AI tools + 7,000+ corporate network.
- Diligence: Behavioral checks + financial metrics (e.g., cash conversion cycle <90 days).
- Active Ownership: Board participation, CXO recruitment, and IPO readiness support.
- Exit Focus: In-house investment banking team ensures IPO-led liquidity.
Investment team
Madhu Lunawat | 3-star rated FM
CIO | 18 yrs Experience | 4 yrs at current firm
Past Experience: Edelweiss ARC (CFO), ASREC (Chief Manager), Infosys (Sr. Associate)
Madhu Lunawat is the Co-Founder of Pantomath Group and CIO of the Bharat Value Fund. She has two decades of rich experience spanning across investment management, corporate finance, asset reconstruction, M&A, due diligence and treasury operations. She had stints with leading organizations viz. Infosys, ASREC, and Edelweiss ARC (where she was the CFO). She is a CA and did BCom from Guwahati University.
Nishad Khanolkar | 3-star rated FM
President | 23 yrs Experience
Past Experience: SP Growth Partners
Nishad Khanolkar is an astute leader in finance industry with over two decades of experience in asset management, investment banking, private equity, M&A & corporate finance. He was ex-CEO of SP Growth Partners, an Asset Management Company based out of Hong Kong. He has been managing India Inflection Opportunity Fund since inception. He is a CA and did BCom from Mumbai University.
Prasanna Pathak | 3-star rated FM
Managing Partner | 25 yrs Experience | 2 yrs at current firm
Past Experience: Taurus MF (CEO), IndiaFirst Life Insurance (FM), UTI MF (Asst. FM)
Prasanna Pathak brings with him over two decades of experience in Fund management and managing public money covering various domains like Mutual Funds, Insurance, PMS and HNI’s. He has worked with esteemed organisations like HLL, Franklin Templeton, UTI MF, India First Life Insurance and Taurus MF. He is a B.Tech (Chemical) and an MBA (Finance) from S.P. Jain Institute of Management Sciences.
