Team
Nandan Madhiwalla
Nandan founded and served as the Principal Officer of a SEBI Registered Investment Advisory firm from August 2018 to March 2024, providing equity research-based investment advisory services. Nandan has also held the position of Research Analyst at PPFAS Mutual Fund from May 2015 to February 2018, where he focused on Indian and US stocks in the financial and media sectors. Additionally, he contributed to investment models and reports at Lebenthal Asset Management (Sep 2014 – Mar 2015) and conducted buyside equity research at The Roosevelt Investment Group, Inc (Feb 2012 – Jan 2014). Early in his career, he worked as a Junior Underwriter at FGI Finance, conducting due diligence for asset-based loans.
Nandan holds a CFA Charter (2016) and a Master of Science in Financial & Risk Engineering from New York University (2011). He also earned a Bachelor's in Computer Science Engineering from D J Sanghvi College of Engineering, Mumbai (2008), and recently completed the NISM-Series-XIX-C certification for Alternate Investment Fund Managers (2024).
Kunal Shah
Kunal joined AIA Engineering, a global industrial business with revenues exceeding INR 4,500 crores, in 2002 when the company’s revenues were approximately INR 80 crores. AIA experienced significant growth 2003 onwards, with Kunal leading key functions such as supply chain management, information technology, and mergers and acquisitions. He also served as the company’s CFO from 2014 to 2017. Additionally, he was instrumental in overseeing manufacturing projects, including both greenfield and brownfield initiatives, managing plant operations, and heading human resources and investor relations.
In addition to his role at AIA, Kunal serves as Chairman of the Audit Committee for Harsha Engineers International Limited.
Kunal holds a Master of Science in Information Systems from Stevens Institute of Technology, USA (1999–2000), and a Bachelor of Engineering (B.E.) in Chemical Engineering from Nirma Institute of Technology, Gujarat (1995–1999).
Vatsal Gupta
Vatsal led the investment research division at Baroda Brokers Private Limited. He managed the company’s investment portfolio and provided regular updates to the Board of Directors. He also played a key role in drafting investment policies and establishing a rigorous due diligence process to assess investment opportunities. In this role, Vatsal was responsible for overseeing RBI compliances for a non-deposit taking, non-systemically important NBFC. As a Designated Director of the company, he oversaw compliance with regulations from the Financial Intelligence Unit.
Vatsal holds a Master of Science in Water and Environmental Resources (2017) and a Bachelor of Science in Civil and Environmental Engineering (2016), both from the University of California, Los Angeles (USA). He has also completed the Executive Education Programme from the Indian Institute of Management, Ahmedabad (2023).