The film, which stars Richa Chadha, Vicky Kaushal, Shweta Tripathi, bagged the acclaimed FIPRESCI and the Promising Future awards at the recently concluded festival.
"I am happier for India and my team than myself. A win in the official selection has been long overdue for India and we have a double win.
"For so many years Indie supporters as Anurag Kashyap, Vikramaditya Motwane, Guneet Monga, and now Manish Mundra, have worked immensely towards giving a platform to Indian Indies with the limited resources they had, against the conventional Bollywood structure," Neeraj said in a statement.
"Neeraj did an inspiring directorial debut, converting the heart wrenching story into a equally impressive film that takes our heart on an emotional drive and then the emotions lingers on with you long after you have seen the film," Mundra said.
The film, which premiered last week at the festival, was greeted by a five-minute long standing ovation by the critics and reviewers.
"The FIPRESCI & Promising Future prizes for Neeraj and Masaan reinforce our faith in telling good stories and backing new talent. We are thrilled that the team's hard work has paid off and we are fully confident that the Indian audience will love the film as much," said Motwane of Phantom Films.
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