Madhu co-founded Phantom Films with Anurag Kashyap, Vikas Bahl and Vikramaditya Motwane, which went on to deliver works such as "Lootera" (2013), "Queen" (2014) which won the National Film Award for Best Feature Film in Hindi for that year, "Hasee Toh Phasee" (2014), and the Neo-Noir films, "Bombay Velvet" (2015), "Ugly" (2015) screened in the Directors' Fortnight section at the 2013 Cannes Film Festival, and the New York Indian Film Festival, and Masaan screened in the Un Certain Regard section at the 2015 Cannes Film Festival winning two awards, and the National Film Award. The 2016 film "Raman Raghav 2.0" was screened at the Cannes Directors' Fortnight.