Ajay Shah, EY’s partner and head of Technology, Media, and Telecom (TMT) investment banking, has stepped down and is set to join a financial services platform promoted by veteran stock market investor Madhu Kela, according to multiple industry sources.
“The move has been in the works for several months. Shah is expected to take on a leadership role at the new platform, which will operate across asset management, advisory services, and other financial segments,” one of the sources said.
Two additional individuals familiar with the matter confirmed the transition but did not provide further details.
EY and Madhu Kela did not respond to emailed queries. Shah confirmed his departure when contacted but declined to elaborate.
An experienced professional, Shah is both a chartered accountant and a lawyer. He joined EY in 2007 and played a key role in several high-profile deals, including the PVR-Inox Leisure merger, Bodhi Tree’s $600 million investment in Allen Career Institute, Warburg Pincus’ stake acquisition in Avanse Financial Services, and Byju’s acquisition of Aakash Educational Services. Prior to EY, he spent nearly a decade at KPMG.
Madhu Kela, known for his sharp market insights, supports multiple ventures, including NBFC MKVentures, boutique investment firm Invexa Capital, and asset manager Singularity AMC. He holds stakes in companies such as Nazara Technologies, Indostar Capital, and Waree Energies.
Disclaimer:
This article is based on information from industry sources and public disclosures. It is intended for informational purposes only and should not be construed as financial or career advice. Statements from individuals are cited with their consent or on the basis of anonymity, and developments may evolve.
