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The Swede shattered the world record for the eighth time.
City's Bernardo Silva and Mateo Kovacic both misfired in the shootout to put Madrid in the driving seat.
Federico Valverde salvaged a draw for Real late on after City had taken a 3-2 lead with sumptuous strikes from Phil Foden and Josko Gvardiol following a Ruben Dias own goal and Rodrygo strike that gave the hosts a half-time lead in Spain's capital.
The 10-day series will feature three games in Rawalpindi and two games in Lahore.
Delhi ended up with 205/8 in their pursuit of 235 despite a blinder by Tristan Stubbs (71 from 25 balls).
Titans were bowled out for 130 in 18.5 overs in their chase of 164.
Shashank smashed an unbeaten 61 off 29 deliveries, while Ashutosh slammed a 17-ball 31 as PBKS chased down the 200-run target with one ball to spare.
It is not yet clear whether Pant will start his keeping duties immediately. In case he doesn't, DC will fall back on either West Indian Shai Hope or South African Tristan Stubbs.
Paris St Germain, who are seeking their first Champions League title, will take on Barcelona while Atletico Madrid face Bundesliga side Borussia Dortmund, which means all three Spanish teams have the opportunity to reach the semifinals.
New Zealand, chasing a first home win over their neighbours in 31 years, had put the tourists on the back foot with four wickets in the last 90 minutes of play on day three.