Financial services group Pantomath’s asset management arm, The Wealth Company Asset Management (formerly Pantomath Capital Management), has infused fresh capital into Ahmedabad-based Amnex InfoTechnologies, according to an announcement made on Monday.
The investment was made through Bharat Value Fund (BVF), which committed Rs 460 crore (about $53 million) in Amnex’s maiden growth and institutional funding round.
Founded in 2008 by Aditya Shah and Tapan Gosaliya, Amnex provides end-to-end technology solutions, from design and development to integration.
According to a statement, Amnex has developed more than 18 proprietary technology platforms serving industries including traffic, mobility, utilities, mining, logistics, smart cities, and agriculture.
Over the past three years, Amnex has achieved a compound annual growth rate (CAGR) of 75%. Operating on an asset-light model, the company claims to have consistently delivered a return on capital employed (ROCE) exceeding 40%.
In FY24, it crossed Rs 200 crore in revenue for the first time. Data from VCCEdge shows that the company recorded operating revenue of over Rs 266 crore, a two-third jump from Rs 160 crore in FY23.
The company also restored its profitability to pre-COVID levels in FY24, registering a net profit of Rs 25 crore. This marks a recovery from the Rs 2.5-8 crore range seen in the years following FY20, when it had posted a Rs 20 crore profit. FY25 financials have not yet been made public.
According to VCCEdge, the company last raised $0.7 million over a decade ago, in 2013.
BVF is a Category II Alternative Investment Fund (AIF) launched by India Inflection Opportunity Trust (IIOT) and managed by Wealth Company Asset Management. BVF primarily focuses on late-stage investments in growth-stage enterprises in India.
In the past six months, BVF has added companies such as Haldiram Bhujiawala and Prisma Global to its portfolio.
The Wealth Company, which manages about Rs 10,000 crore in client assets, was founded by Madhu Lunawat, who is also the Co-founder of Pantomath Group. The company received final approval from SEBI to operate as an Asset Management Company in July 2025.
