In a groundbreaking move for India’s financial sector, Madhu Lunawat, co-founder of the Pantomath Group, has become the first Indian woman to receive approval from the Securities and Exchange Board of India (SEBI) to launch a mutual fund business. Her company, The Wealth Company, backed by the Pantomath Group, marks a historic milestone in an industry traditionally dominated by male leadership.
With this approval, The Wealth Company becomes the first mutual fund house in India led and founded by a woman to gain SEBI’s regulatory green light. Lunawat, a chartered accountant by profession, brings over two decades of experience, having worked with notable institutions like Infosys, ASREC, and Edelweiss before co-founding Pantomath Group, a leading mid-market investment banking firm.
“This is not just a moment for me — it’s a moment for every woman who wants to build, lead, and reshape the financial landscape,” Lunawat shared in a statement to the Times of India
She will lead the new mutual fund business as Managing Director and CEO, with a vision focused on creating intelligent, long-term investment solutions that align closely with the needs of Indian investors, particularly in underserved and emerging regions.
Currently, India hosts nearly 50 mutual fund houses, but until now, only one Edelweiss MF has been led by a woman, Radhika Gupta. Lunawat’s achievement not only adds diversity to the leadership landscape but also sets a powerful precedent for aspiring women in finance.
The Wealth Company aims to leverage technology-driven solutions and adopt a client-first approach, ensuring accessibility and transparency in its operations. The fund house is expected to build a strong presence in India’s hinterlands, democratizing access to wealth creation tools for retail investors.
This move comes at a time when India’s mutual fund industry is witnessing significant growth, and investors are increasingly seeking credible, well-governed platforms to manage their wealth.
Madhu Lunawat is a finance industry veteran and the co-founder of Pantomath Group. With a background in chartered accountancy and vast experience in investment banking and financial services, she now leads a historic chapter in India’s mutual fund space as the first woman to independently set up a SEBI-approved fund house.