Growth at Reasonable Price

Kunal Thanvi is the Assistant Fund Manager and Head of Research at Banyan Tree Advisors, having joined in 2019 as an Equity Research Analyst after meeting Director Jigar Shah at a value investing conference. He is a Chartered Accountant (CA), Company Secretary (CS), and has worked in the financial services industry since 2015. His educational background includes a B.Com from JNVU, CS from ICSI, certifications in Financial Modelling from Edupristine and Cash Flow Analysis from CRISIL, and completion of the FLAME Investment Lab programme in Behavioral Finance with Prof. Sanjay Bakshi. Prior to Banyan Tree, he worked as a Research Analyst and Editor at Equitymaster Agora Research (including as Hidden Treasure Research Analyst) and as an Equity Research Analyst (PMS) at Centrum Broking. His investment philosophy is deeply influenced by Charlie Munger and Warren Buffett's focus on avoiding obvious mistakes and thinking like a part-owner. He comes from a business family and his early years spent in his father's timber business shaped his appreciation for competitive advantage and frugality. His goal is to build the best research team in India. Outside work, he enjoys old Bollywood music, cricket, video games, and reading.

Sandeep Talwar co-founded Banyan Tree Advisors in 2004 and serves as Director, focusing on Fund Management and publishing the firm's monthly newsletter. He read Chemical Engineering at BITS Pilani and then completed his Post Graduate Diploma in Management (PGDM) at IIM Bangalore. His passion for value investing was ignited by Janet Lowe's "Benjamin Graham on Value Investing," which he describes as a profound awakening. After his MBA, he worked at several financial services firms for six years—including a nine-month sabbatical backpacking across India—before co-founding Banyan Tree with Ravishankar WS, Kishore Bejawada, and Srinivas. He met Shyam Prabhu and Ravi at Multi-Act, his last employer before starting BT. From inception, the firm has been profitable and conservatively managed, with top management on variable pay. He has 28+ years of experience in investment and portfolio management. His guiding values are passion and integrity, and he views managing clients' hard-earned savings as a great honour and responsibility. Outside work, he enjoys poker, music, squash, and reading spiritual literature.

Ravishankar WS co-founded Banyan Tree Advisors in 2004 and serves as Director, overseeing research, client development, fund management, IT and operations. He also serves as Principal Officer. He completed Electrical and Electronics Engineering at BITS Pilani, followed by a PGDM from IIM Bangalore, and holds the CFA Charter. In 1994 he chose finance over IT, spending his first decade as a research analyst covering both Indian and international markets—estimating around 50,000 hours as an analyst over his career. Prior to Banyan Tree, he worked at Chescor, Multi-Act Trade & Investments, and MAAM Equity, and was a founding member of Probe Equity Research. He has 30+ years of investment research experience. He is known for waking at 4:30am every day to begin reading overnight news, and is guided by the philosophy of ikigai—finding purpose, contributing to society, and doing what one is good at and enjoys. He envisions Banyan Tree continuing to grow without diluting its core principles of client sincerity and process commitment. Outside work, he enjoys tennis, the gym, walking, travel, and expanding his circle of competence through active creation.

Shyam Prabhu joined Banyan Tree Advisors in 2007 and serves as Director, focusing on Portfolio Management, Compliance, and Corporate Finance. He holds a B.E. in Instrumentation Engineering from VESIT, University of Mumbai, an MMS from Sydenham Institute of Management Studies (University of Mumbai), and the CFA Charter. He spent 10 years at MAAM Equity Research as an analyst covering global markets and diverse accounting standards, where he met co-founders Sandeep Talwar, Ravishankar WS, and Jigar Shah. He has 26+ years of experience as an Analyst and Portfolio Advisor. His investment philosophy centres on buying good businesses at a discount to intrinsic value and holding patiently, trusting in the power of compounding over time. Outside work, he enjoys spending time with family and reading widely.

Jigar Shah joined Banyan Tree Advisors in 2010 and serves as Director, managing the research team, heading the Mumbai office, finding investment ideas, training analysts, and conducting client webinars. He holds a B.Com from Mumbai University, a CA from ICAI, and the CFA Charter. Before joining BT, he spent eight years at Multi-Act Trade & Investments, where he developed deep expertise in equity research and global investing, and was strongly influenced by the philosophies of Warren Buffett and Charlie Munger. He joined BT out of a desire for independent fund management. Over 14+ years at BT, his vision has been to build a team of fund managers capable of carrying the firm to its centennial—"Celebrate 100 years of building wealth safely." His investment approach emphasises high-quality businesses with negative working capital, strong competitive advantages, excellent management, and attractive entry valuations. He has 20+ years of experience in equity research and fund management.

Vishal Thakkar joined Banyan Tree Advisors in 2013 and serves as Director, responsible for overall business management, strategy formulation, and aligning the firm's vision, people, and efforts toward common goals. He holds an MMS in Finance from Sydenham Institute of Management Studies, University of Mumbai, and a B.Com from HR College of Commerce. His passion for investing began in 1991 when he applied for his first IPO as a student. Before joining BT, he worked for 16 years in financial services at INFAC and CRISIL, where he rose to Global Senior Director and Head of Business Development for Europe. He believes in delivering genuine value to clients rather than competing on fees, and advises investors to find an advisor whose philosophy aligns with their goals. He has been the Honorary Secretary of his housing society for eight years and volunteers with the PMS Industry Association (APMI). Outside work, he enjoys time with family and friends.

Darshan Bhandarkar is a Research Analyst at Banyan Tree Advisors.

Divij Punjabi is a Research Analyst at Banyan Tree Advisors. He holds an MBA and BA from IIM Indore. He previously interned as a Summer Equity Analyst at Banyan Tree and as a Research Analyst at Alpha Alternatives. He also served as President of Appl-i: IPM Consulting Club at IIM Indore.

Harsh Kachchhi is an Equity Research Analyst at Banyan Tree Advisors. He holds a Commerce degree from Delhi Public School Vadodara. He previously interned as an Equity Research Intern at Banyan Tree Advisors.

Kinjal Mota is an Equity Research Analyst at Banyan Tree Advisors. She is a Chartered Accountant and CFA Level 2 candidate. Previously she worked at Accenture (financial planning and budgeting) and as an Articled Assistant at Shah & Savla, a chartered accountancy firm.

Pranaya Jain is a Research Analyst at Banyan Tree Advisors. He holds a PGDBM from XLRI Jamshedpur, a B.Com from Jai Hind College, and has completed CFA Level 3. He completed CA IPCC at ICAI. Prior to Banyan Tree he participated in a Leadership Associate program at Aditya Birla Group (across ABMCPL, Novel Jewels, Aditya Birla Housing Finance, Birla White) and was an Equity Research Intern at 2Point2 Capital Advisors.

Shubham Saraf is a Research Analyst at Banyan Tree Advisors. He previously worked as a Financial Analyst & Intern at Valutinum Advisory.

Umang Shah is a Senior Research Analyst at Banyan Tree Advisors. He is a Chartered Accountant and holds a B.Com from Ahmedabad University.

Yug Bafna is a Research Analyst at Banyan Tree Advisors. He holds a Bachelor of Financial Markets (BFM) from KPB Hinduja College of Commerce and has achieved CFA Level III certification. He previously interned as an Equity Research Intern at Banyan Tree Advisors.

Prabhu Rajpurohit joined Banyan Tree Advisors in 2015 and serves as Senior Manager, responsible for Business Development and Strategic Partnerships. He holds a degree in Electronics Engineering from NMIMS University, Mumbai, and has been working in the financial services industry since 2015. He was drawn to finance after reading Warren Buffett's biography and letters, aspiring to achieve financial independence through value investing. He is also significantly influenced by Charlie Munger's teachings. He believes success in business development requires understanding client needs, being honest, and providing impartial service. He recommends 'The Aspirational Investor' by Ashvin B. Chhabra for its risk management focus. He dedicates an hour daily to learning and is passionate about charitable activities in the field of education, associated with multiple organisations supporting that cause.

Amruta Tipnis is Senior Manager - Business Development at Banyan Tree Advisors, based in Mumbai. She holds a Masters in Financial Management from Welingkar Institute of Management (2013–2016). She previously worked at Multi-Act, Substance Advisory Private Limited (formerly Utopia Advisors Private Limited), HDFC Bank, and Kotak Securities.

Kishore Bejawada is Senior Manager of Client Services at Banyan Tree Advisors, one of the founding team members of the firm (2004). He holds an MBA from JB Institute of PG Courses.

Lalit Chavan is Senior Manager of Client Services at Banyan Tree Advisors. He holds a Bachelor of Commerce from K J Somaiya College of Science & Commerce and is responsible for managing client relationships and providing financial advisory services.

Priti Rani Deva is Assistant Manager - Client Services at Banyan Tree Advisors. She previously worked at Axis Bank (Customer Relationship Management Specialist) and ICICI Bank.

Seema Lalavat is Manager - CRM at Banyan Tree Advisors. She previously worked as a Senior Executive at CRISIL.

Nandini V joined Banyan Tree Advisors in 2006 as the firm's very first employee and has been an integral part of the firm ever since. She heads and manages daily operations along with corporate finance, and since 2018 has also served as Compliance Officer managing all SEBI requirements. She completed her B.Com at Bangalore University. She came to Banyan Tree from an audit firm after a reference from the firm's auditor; when she joined there were just 20 clients and Rs. 22 crore in AUM — today the firm serves 1,900+ clients with Rs. 5,500+ crore in AUM and 50 employees. She describes her compliance role as akin to a captain navigating a boat safely, holding herself accountable for all deviations and regulatory matters. She is known for treating Banyan Tree as her own firm with full enthusiasm. Outside work, she has an artistic mind and enjoys painting as a form of relaxation.

Piyush Tanna is Head - Compliance at Banyan Tree Advisors. He previously served as Associate VP in the Inspection & Compliance Department at the National Stock Exchange of India, and was deputed as Chief Regulatory Officer & Chief Revenue Officer at NSE IFSC Limited (Gift City). He also held the role of Manager, Trade Surveillance & Investigation Department at NSE.

Arun Kumar G is Senior Manager - IT at Banyan Tree Advisors. His core expertise lies in system engineering, network architecture, and IT security. He manages end-user hardware and software issues, configures and maintains the organisation's network architecture, and ensures robust IT security measures. Ensuring compliance with SEBI's cybersecurity regulations is a critical aspect of his role; he works with partners to stay updated on current and new regulations and participates in meetings organised by SEBI and other governing bodies. He continuously researches market trends and collaborates with other firms to leverage the latest innovations for the firm's IT infrastructure and security. Outside work, he relaxes by going shopping, taking walks, playing with his daughter, watching movies, and spending time with friends.

Edwards Hudson Joseph is Head - Process Excellence & Special Projects at Banyan Tree Advisors. For him, Process Excellence means finding new ways to improve business processes to boost efficiency, productivity, and accuracy by continuously adapting and refining how the firm works, using various methodologies and the best tools and technologies available. At Banyan Tree, he works closely with the Compliance, Operations, and Technology teams to ensure seamless collaboration across departments. He has been involved in setting up new offices and implementing new technologies. He holds an MBA from St. Peter's Institute of Higher Education and Research, Chennai and previously served as Senior Manager at Invesco Mutual Fund. A self-described travel enthusiast, he has taken many adventures by bike and car — favourites include Nathula Valley, Sikkim, and Langkawi. He is a dog lover (a Pomeranian named Tony and a Rottweiler named Scooby), and enjoys cooking, photography, and watching movies.

Alifya Neemuchwala is Senior Manager - Fund Accounting Operations at Banyan Tree Advisors. Previously she worked at Avendus as a Consultant and then Manager, independently managing AIF operations and investor relations for multiple PE funds, including end-to-end operational activities, audits, regulatory compliance, and investor onboarding and servicing.

Arul Nathan is Manager - Fund Accounting Operations at Banyan Tree Advisors.

Richard Mathew is Manager - Admin & Facilities Management at Banyan Tree Advisors. Previously he worked at Mphasis, progressing through roles as Facilities & Administration Senior Analyst and Administration & Facilities Analyst.