Panthera Growth Partners
Panthera Growth Partners invests in growth-stage technology businesses across India and Southeast Asia.
Overview
Panthera Growth Partners is a Singapore-headquartered growth investment firm with operations in India and Southeast Asia. Founded in 2021, it backs digital and technology-driven businesses that have established product-market fit and are preparing for their next phase of expansion. The firm focuses on companies with scalable business models and opportunities to build lasting market positions.
Investment Focus and Stage
Panthera primarily invests at the growth stage, particularly in Series B and Series C companies. Its strategy centers on businesses that have moved beyond early product development and need capital, operational guidance, and industry connections to expand.
Its core areas include digital consumption, enterprise services, SaaS, analytics, and technology-enabled infrastructure. The firm typically targets revenue-generating companies and works with management teams on challenges such as organisational design, pricing, market expansion, and the next stage of product development. Its investments span both consumer-facing businesses and enterprise platforms across India and Southeast Asia.
Fund Size and Portfolio
Panthera's first fund raised $84 million, which was deployed across eight companies. In June 2022, the firm announced the first close of its second fund, targeting $250 million, after securing commitments for more than half of the target. The strategy anticipated investments averaging approximately $20 million across 10–12 companies.
The firm's portfolio includes BigBasket, OfBusiness, Pepperfry, Zivame, EMotorad, Flipspaces, Innoviti, MarketsandMarkets, FabHotels, FreshMenu, Innefu Labs, and Provilac Milk. These businesses operate across online retail, B2B commerce, electric mobility, commercial interiors, payments, hospitality, analytics, and AI-driven security. Panthera has also recorded exits, including its investment in an AI-powered retail forecasting platform and a genomics diagnostics business.
Leadership
Shilpa Kulkarni is Founder and General Partner. She leads the firm's investment strategy and works with management teams as they scale technology-led businesses.
Rikin Kapadia serves as Managing Director, contributing to investment execution and portfolio development. The wider team includes Ayush Goenka, Vice President; Viraj Tamhankar and Vishesh Vohra, Senior Associates; Mansi Shah, VP of Operations, Finance and Legal; and Rahul Dadlani, AVP of Operations and Finance.