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Growth Partners for India's Digital Economy
Panthera Growth Investment Trust is a SEBI-registered Category II Alternative Investment Fund registered on 3 February 2022, managed by 3bg Advisors & Managers Private Limited, the Indian investment management entity of Panthera Growth Partners — a Singapore-headquartered growth equity firm founded in 2021 by Shilpa Kulkarni. Panthera Growth Partners is a growth investment firm partnering with digital and technology-driven companies across consumption, enabling infrastructure, SaaS, and analytics across India and Southeast Asia. The fund targets growth-stage companies that have achieved product-market fit and are seeking to accelerate market growth. Fund I (corpus USD 84 million) was followed by Fund II (target USD 250 million, announced June 2022). Portfolio companies across both funds include BigBasket (Tata), OfBusiness, MarketsandMarkets, Foxtale, Zivame, FreshMenu, Pepperfry, EMotorad, Innoviti, Flipspaces, and OnsiteGo. The Indian AIF vehicle (Panthera Growth Investment Trust) serves as the domestic fund structure, based at C/o WeWork, Express Tower, 2nd Floor, Ramnath Goenka Marg, Nariman Point, Mumbai 400021.
Panthera Growth Partners is a growth equity investor focused on revenue-generating enterprises that have achieved product-market fit and are building scalable businesses. The firm believes that operating thought partners are as important as capital at the growth stage. With the team's experience of investing and operating companies in the startup ecosystem for over two decades, Panthera partners with entrepreneurs and management teams across India and Southeast Asia's digital economy — with a sector focus on consumption, tech infrastructure, SaaS, and analytics.
Shilpa Kulkarni
Founder & Managing Partner
Shilpa Kulkarni is the Founder and Managing Partner of Panthera Growth Partners and is also the founder of 3bg Advisors & Managers Private Limited (the Indian fund management entity). She launched Panthera in 2021 with Fund I at USD 84 million. She previously served as Managing Director at Zodius Capital and Director at Zivame, FreshMenu, and Culture Machine. Earlier she was at WNS Global Services as Senior Vice President handling strategic business development. She began her career as an Associate at JPMorgan Chase. She holds a B.E. in Electronics & Telecommunications from the University of Mumbai and an MBA from Duke University's Fuqua School of Business. She currently sits on the boards of Foxtale, Zivame, OnsiteGo, and FreshMenu.
Rikin Kapadia
Partner & SEBI Contact Person
Rikin Kapadia is a Partner at Panthera Growth Partners and is the SEBI-registered contact person for the Panthera Growth Investment Trust. He is based in Mumbai and was previously at Zivame, OfBusiness, MarketsandMarkets, and FreshMenu. He holds a Chartered Accountant qualification from ICAI and a BMS (Finance) from H.R. College of Commerce & Economics, Mumbai.
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