We Are Panini The Grammar of Financing Growth. Wealth. Risk. Advisors You Trust.

About Us

Who We Are?

A mid-market boutique investment banking firm focused on transaction advisory solutions related to fund-raising, acquisitions, buyouts and divestitures, and angel/venture/unlisted  investing.

We also offer financial advisory services related to offshored compliance, accounting, audit and tax activities (VCAAT); protecting your wealth, and business development advisory services through our market reach.

About Panini

Panini ( pronounced paa-ni-ni ) was an Indian sage circa 500 BC, who is known to have published the first known rules of grammar in his treatise “Ashtdhyayi”. Centuries later, the 3900 odd rules he formulated continue to be the most comprehensive rules for sustainable and accurate language communication, duly reflected in the fact that even current coding software is known to rely upon them. Sage Panini is an inspiration for our guiding philosophy that adhering to fundamental financing principles (i.e. “the grammar”) is the key to sustainability of growth in an era of global competition.


KV RamakrishnaKV Ramakrishna

“Panini helped us exit our controlling stake in one of our investments during the challenging Covid times. The transaction faced several hurdles including auto component industry challenges, GST disruptions and Covid19. Panini engaged with a diverse range of potential acquirers – private equity funds, industrial houses, family offices, professional entrepreneurs and overseas parties – and all the multiple stakeholders involved – employee teams, transaction advisors, different sellers and acquirers. Special mention about the remarkable dedication and intense engagement and staying the course through a challenging twenty four month plus period”

Paurush RoyMD

” Panini advised us on our exit from Thriveni Earth Movers – at a time when the contract mining industry was going through several regulatory complications and business uncertainties. We appreciate that they were able to grasp the pulse of the business and reach out to marquee funds and strategics for whom the business was relevant. They were also able to guide the company in terms of diverse alternatives for providing an exit and pros and cons therein, leading to the eventual agreed path of exit. ”

Japan VyasJapan Vyas

“I have a relationship with Ketan that goes back 20 years. We invested through Panini in Em & Em first as angel investors, and then in the institutional round. In particular, we appreciate their ability to handhold the company and the founders even beyond the fund raise and ensure they remain on track..”

Varun BatraVarun Batra

“We worked with Ketan while he was at Daiwa for various initiatives. He helped us and our investee companies related to Japan and Korea, and I found him providing sound advice on identifying potential opportunities in dynamic markets with a good pulse on navigating cultural sensitivities.”

Gary NgManaging Director, CLSA

“It was a pleasure to work with Ketan during CLSA Private Equity’s investment in Apar Industries. He was professional and worked to address a win-win solution.”

Nainesh JaisinghManaging Director, Affirma Capital

“It was a pleasure to interact with Ketan during Standard Chartered’s investment in Prime Focus. He played a key role in bridging issues that arise owing to differences between requirements of functioning of large professional institutions and entrepreneur run companies.”

Arvind BansalCEO *& Co-Founder

“We engaged Panini twice – at Continuum Wind and our group hold-co to explore strategic initiatives in renewable energy for our 300MW Wind Energy greenfield project as well as our small hydro businesses. We found them to be very knowledgeable about the complexities of Indian power and renewable energy sector and regulatory issues therein, having an excellent pulse on different stakeholder perspectives and skilled at transaction navigation. We appreciate that they understood our objectives well and were completely aligned with them. They were able to reach out to all the large blue-chip financial and strategic investors in India and overseas on the one hand and to small unique asset owners on the others.”

Mohit LalvaniFounder & MD

“When I first met Ketan, it was all about raising equity, and getting a deal done with a success fee attached. As I got to know him better, and deeper into the transaction; I figured that he goes far beyond being a credible investment banker with excellent relationships and sharp financial acumen. In addition to helping us successfully raise funds 2-3 times, he has remained available in helping us prioritise key strategic and cashflow decisions on distribution, HR, finance and marketing. He has helped us navigate business challenges and get consensus from Board of Directors when the company needed to pivot strategies. Ketan is a not only a trusted advisor/mentor, he is more of a friend and a long term key team member at Captain Zack!”

Manish ReleFormer Citibanker, Founder & CEO

“The Panini Team has been able to understand, adapt, and streamline our accounting and finance processes in a short period of time. They have virtually become an extension of my team, and have been effective in coordinating and collaborating with my sales and operations team to produce optimal financial outcomes. Offshoring has also enabled me to free up my bandwidth, allowing me to focus on core business areas and geographic expansion. Senior level support, also serves as a sounding board for me from a tax and compliance perspective.”

Kushal DesaiApar Industries

“Ketan helped us raise equity funds running a multi-pronged strategy that resulted in bringing into the company good long term investors at a favorable valuation. This exercise was preceded by a well-planned investor relation exercise covering potential investors both domestically and overseas. He remained involved through the entire exercise from start to finish. I would like to wish him the very best in his new endeavors.”

Namit MalhotraCEO

“Ketan helped us with successfully refinancing our Convertible Bonds. I appreciated the fact that he pro-actively identified the opportunity, was not afraid to challenge us or our thought processes prior to negotiations, and then relentlessly worked on both sides to get a deal done which is highly praiseworthy. I wish lots of luck and success in his new venture.”

Phillie D Karkariathen Executive Director, Tata Realty and Infrastructure Limited

“Ketan Shah worked as part of the Barclays team in the latter part of 2007 to successfully raise upto US$ 120m. (through a feeder fund) for the Tata Realty Initiatives Fund 1 from offshore investors.Wishing him the very best in his endeavours.”

A. K. Srivastavathen MD & CEO, Essar Power

“Ketan worked with me on debt financing and privatisation bids for the Ultra Mega Power Privatisation when I was at Essar Power. I found him to be reliable and he provided practical support on financing and process issues.”

T. ShivaramanVice Chairman, Shriram EPC Group

“We have worked with Ketan and found him to be very knowledgable and well connected in the financial markets. We were able to explore Mezz debt, Private Equity and QIPs with him and found his advice and actions to be focussed entirely on our interests. He was patient, persistent and focussed on the best results for us and not influenced by his own financial interests. We wish him the best in his future endeavors.”

Our Team

Ketan J ShahFounder & Managing Director

An alumnus of IIM Ahmedabad, KS is an experienced Investment banker with over 25 years of fund raising, M&A, cross sectoral and global experience with over 150 transactions at leadership positions.

Mr. Ashok KhandelwalDirector

Investment Banking experience of over 20 years across industries including mergers and acquisitions advisory and equity fundraising with over 50 completed transactions.

Chirag ShahManaging Director Technology

Chirag Shah is a Tech expert with over 25 years experience in SAAS at global companies such as VertexOne (customer to cash SaaS technology platform to regulated utilities, marketers and energy transition companies), with annual revenues of over 60MM, 400+ clients, +46 NPS and Motorola. Chirag will help manage Indo-US partnerships as well as position technology credentials of the business to investors. Chirag has done his engineering from NIT Surathkal in India and has done his MBA from Kelloggs USA.