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    Mergers & Acquisitions

    Most of a sale is settled before a buyer sees anything.

    Founders prepare the pitch. Almost nobody prepares the record. (read where we wrote it)

    We prepare companies for sale, value them, help people buy a business to run, and set up the first 100 days after a deal. Our first sell-side mandate, for a MedTech device maker, is under way.

    Which part of a sale or a purchase can we take on?

    The practice's four services come first; deal structuring and due diligence follow. Point at a name for a two-line explanation.

    Which part of the deal do you need us on?

    The four services below are the practice's own. Each has its own pages, and each lists what it delivers. A sale usually needs the first two; a purchase usually needs the last two.

    1. Sell-Side M&ASelling a company or a division in India: preparing the books and the data room, finding the buyers, running a process with competing offers, and closing.

      • Prepare the company for sale
        • Earnings restated to what a buyer will accept
        • Books, GST and statutory filings reconciled
        • The data room, indexed and current
        • Problems fixed, or disclosed early
      • Value it and set the shape
        • A valuation from three methods, set against each other
        • Shares or the business, all of it or part
        • What the owner keeps, and how long they stay
      • Find and approach the buyers
        • Companies in the same or a nearby business, funds, family offices and searchers
        • A short teaser, then an NDA, then the information memorandum
        • Management meetings prepared and run
      • Run the process to close
        • Letters of intent compared on price and terms
        • Exclusivity on a timetable
        • The buyer's diligence answered from the data room
        • The share purchase agreement and the closing conditions
    2. Business ValuationBusiness valuation for a sale, a purchase or a raise: three methods set against each other, and statutory reports signed by whoever each law names.

    3. Post-Acquisition IntegrationThe first 100 days after an acquisition in India: the books, the controls on cash, reporting to the new owner, systems and people, set before value leaks.

      • Day one
        • Bank mandates and signatories changed
        • The opening balance sheet agreed
        • Payroll, GST and statutory filings carried on without a gap
      • The first close and the controls
        • The first month-end close
        • Approval limits and payment controls
        • Dealings with the old owner's other companies ended or priced
      • Reporting to the new owner
        • The monthly MIS and the board pack
        • The plan against actuals
        • Loan covenants and any earn-out tracked
      • Systems and people
        • Finance roles and handovers
        • Accounting and ERP moves
        • The old owner's handover plan
    4. Entrepreneurship Through AcquisitionETA and search funds in India: advice for searchers buying a business to run, owners selling to a successor, and the investors who back a search.

      • For searchers
        • The thesis: industries, size and region
        • Screening targets and meeting owners
        • Valuation and the letter of intent
        • Diligence, the funding and the first 100 days
      • For owners selling
        • The books, the filings and the data room made ready
        • What the business is worth
        • A searcher, a company or a fund: which buyer suits
        • The handover plan
      • For investors backing searchers
        • Independent diligence on the target
        • The model and the funding mix
        • Reporting after the deal

    Could you buy a business to run, instead of starting one?

    Entrepreneurship through acquisition means buying an established, profitable business and running it yourself. A search fund is one way to pay for it: investors back one person to find a single business, then help buy it.

    In India the route is new. IESE's 2026 study counts eight search funds formed here, and the RBI's 2026 rules let banks finance acquisitions only for companies with ₹500 crore of net worth. We help searchers, the owners who sell to them, and the investors who back them.

    Read these before you sell or buy a company

    • Research Briefs

      4 Nov 2026, 8 min read

      How a search fund works, and what changes in India

      Two raises around one person: money to find a business, then money to buy it. How the searcher is paid, what the record shows abroad, and the Indian rules that change the deal.

    • Research Briefs

      4 Nov 2026, 9 min read

      What makes a business worth buying in India

      An owner's figures count only as far as the GST returns, the bank statements and the tax department's records support them. How to read Indian books before you buy, price on cash, and choose shares or the business.

    • Research Briefs

      4 Nov 2026, 8 min read

      How to become a searcher in India

      What a would-be searcher in India needs before the first owner meeting. It covers reading Indian books as a buyer and the thesis filters only India has. Then it follows the deal from letter of intent to the first 100 days.

    • Research Briefs

      20 Sept 2026, 9 min read

      Diligence readiness: what we check, and what we find

      The business is usually fine and the numbers mostly hold up. What delays a deal is the record of the company: the documents, the filings, the registers, the contracts.

    • Research Briefs

      23 Sept 2026, 9 min read

      When Revenue Multiples Apply, and When They Don't

      A revenue multiple is an earnings multiple in disguise. What actually decides whether one applies, at what scale it starts to mean anything, and which revenue line it attaches to.

    Which practice works beside M&A?

    Bring in the deal work every sale and purchase needs

    Deal Advisory shapes the transaction and tests the price on either side of the table. Deal Structuring sets the instrument and the terms the owner lives with after the headline number. Due Diligence checks the business before money commits to it.

    Those three sit under Structure Capital, and this practice works with them on every deal. A buyer's diligence in India usually looks back over about three years of records, so the preparation starts long before a buyer is chosen.

    The data room is the first impression a reviewer gets. It is also the only part of diligence you fully control. (read where we wrote it)