Darashaw

What Darashaw does

Darashaw & Company Private Limited is a Mumbai-based, family-controlled financial services and infrastructure advisory firm with roots dating to the late 1920s/early 1930s and approximately 251-500 employees. The company operates two integrated divisions: Financial Services (Debt Capital Markets/Investment Banking since 1994, Sales and Trading/Broking, Investment Management, Technical Research since 1997, Retirement Benefits Consultancy, Private Equity advisory, and Mutual Fund Distribution under AMFI ARN 2648) and Infrastructure Advisory & Consulting (Urban Planning & Architecture, Design Engineering, Project Management, Energy & Environment, and Transaction Advisory). It also operates TSR Darashaw, a BPO sub-brand for share registry, payroll outsourcing, and record management (formerly Tata Share Registry).

Core differentiators include a CMT-chartered Technical Research team with over fifty years of collective experience, a proprietary retirement benefits toolkit for ALM and liability studies, and the largest dedicated retirement benefits sales team in India. The Debt Capital Markets franchise is consistently ranked in the Top 15 of the Prime League Table and has mobilized approximately INR 5000 Cr in Basel 3 Tier 1 bank bond issuances, while the retirement benefits business advises 100+ Retirement Trust Funds with a combined corpus in the tens of thousands of crores. The infrastructure consultancy division has completed 800+ projects for 350+ clients across 13 Indian locations, supported by 190+ multidisciplinary experts including LEED-accredited planners.

The business model is multi-stream and primarily transaction/institutional advisory in nature: transaction fees from DCM origination and placement, sales-and-trading commissions, professional services fees for retirement benefits and infrastructure consultancy, subscription/recurring fees from investment management and PMS mandates, and affiliate trail commissions from mutual fund distribution. Go-to-market is enterprise-led via dedicated institutional sales desks covering banks, mutual funds, insurance companies, pension funds, corporates, government entities, and private wealth. The firm holds SEBI registrations as Research Analyst, Portfolio Manager, Merchant Banker Category I, and broker on BSE/NSE/MSE, alongside AMFI mutual fund distributor registrations. Ownership remains concentrated in the Mehta family, with the Board including Mrs. Daisy K.D.B. Mehta, Mr. Baman K.D.B. Mehta, Mr. Darashaw K.D.B. Mehta, and Ms. Tihunaz K. Mehta.

Name

Darashaw

Legal name

Darashaw and Company Private Limited

Website

https://darashaw.com

Company type

Private

Founded year

1930

Operating status

Operating

Headcount range

251–500 employees

Short description

Darashaw is a Mumbai-based, family-controlled financial services and infrastructure advisory firm offering debt capital markets, sales and trading, investment management, technical research, retirement benefits consultancy, private equity advisory, and infrastructure consulting across 13 Indian locations.

Ownership category

akta.pro rank

Product category

Financial Services and Infrastructure Advisory

NAICS

Portfolio Management and Investment Advice (523940), Engineering Services (541330)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Corporate Retirement Plan Advisory RIAs (ERISA 401(k)/403(b)) (FSAAACAF)

akta.pro secondary industry

Real Estate Development & Feasibility Advisory (Highest-and-Best-Use, Entitlements Support) (BPAJANAC)

Keywords

• Debt capital markets
• Retirement benefits consulting
• Infrastructure advisory
• Investment management services
• Technical research analysis

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Debt Capital Markets / Investment Banking: Advisory and Investment Banking Services for debt capital markets. Revenue from origination, placement, and structuring of debt instruments including NCDs, corporate bonds, and securitization. Set up in 1994, consistently ranked among top 15 in Prime League Table. Mobilized approximately INR 5000 Cr in Basel 3 Tier 1 bank bond issuances.
2. Investment Management: Portfolio Management Services for institutional and individual investors. Advisory services for retirement benefit trusts with combined corpus over tens of thousands of crores. Currently advises 100+ Retirement Trust Funds across India.
3. Sales and Trading/Broking: Multi-product institutional sales team for debt markets. Bond sales and purchases in primary and secondary debt markets. Loan syndication mandates. Retirement benefits sales team - largest in the country catering to all active retirement funds. Equity institutional dealing.
4. Retirement Benefits Consultancy: One-stop solution provider with 15+ years of expertise in planning and modelling retirement benefits systems. Services include trust institution, scheme design/restructuring, regulatory liaising, and ALM studies.
5. Infrastructure Advisory & Consulting: Multidisciplinary consultancy services spanning urban planning, design engineering, project management, energy & environment, and transaction advisory. Completed 800+ projects with 350+ clients.
6. Mutual Fund Distribution: AMFI-registered Mutual Fund Distributor (ARN 2648 and ARN 109362). Earns trail commissions from Asset Management Companies on mutual fund sales.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Darashaw is a multi-disciplinary financial services and infrastructure consultancy firm offering advisory and execution services across debt capital markets and investment banking, sales and trading/broking, investment and retirement benefits management, technical research, and private equity. Its infrastructure advisory division provides urban planning, design engineering, project management, energy and environment consulting, and transaction advisory services to government, public sector, and corporate clients. The firm also operates a BPO sub-brand (TSR Darashaw) for share registry and payroll outsourcing.

Product overview

Darashaw is a financial services and infrastructure consultancy firm offering a comprehensive portfolio of products and services. The financial services division operates as a multi-product platform including Debt Capital Markets/Investment Banking (established 1994), Sales and Trading/Broking, Investment Management, Technical Research, Retirement Benefits Consultancy, and Private Equity advisory. The infrastructure consultancy division provides Urban Planning & Architecture, Design Engineering, Project Management, Energy & Environment consulting, and Transaction Advisory services. The company also operates TSR Darashaw as a BPO sub-brand for share registry and payroll services, and maintains research capabilities through Daily Market Outlook, Weekly Market Update, and Macro Economic Briefing publications. The two divisions operate as integrated offerings enabling clients to access both financial advisory and physical infrastructure consulting from a single firm.

Differentiator

Problem solved

Functional benefit

Brands

• TSR Darashaw: Business process outsourcing and share registry services, formerly known as Tata Share Registry
• TSR Darashaw (erstwhile Tata share registry)

Products and services

• Debt Capital Markets / Investment Banking Advisory and investment banking services for debt capital markets including NBFC perpetual bonds, bank bond issuances, and corporate bond placements. Acted as investment bankers and investors for proprietary book, and as advisors on public finance management to State Governments and entities.
• Sales and Trading/Broking Multi-product institutional sales team driving debt capital markets investment business, undertaking bond sales and purchases in primary and secondary debt markets. Includes dedicated retirement benefits desk serving major PSUs, banks, and MNCs, and equity institutional dealing team maintaining relationships with financial institutions, mutual funds, banks, and insurance companies.
• Investment Management Retirement benefits investment management services advising 100+ Retirement Trust Funds across India with combined corpus of tens of thousands of crores. Includes equity investment management for retirement benefits trusts and Portfolio Management Services for high net worth individuals guided by a Safety First philosophy.
• Technical Research Technical research services for bonds, stocks, commodities, and currency asset classes using a contrarian long-term investment approach. One of the largest Technical Research teams in India with CMT (Chartered Market Technician) charter holders and over fifty years of collective work experience.
• Retirement Benefits Consultancy One-stop solution provider with 15+ years of expertise in planning and modelling retirement benefits systems. Services include provident fund, superannuation/pension, gratuity trust institution and streamlining, voluntary retirement scheme design, regulatory liaising, and liability estimations/ALM studies using a proprietary toolkit.
• Private Equity Advisory Helps businesses raise capital leveraging unique structuring abilities, transaction advisory experience, and strong relationships with leading financial sponsors including private equity funds, venture capital funds, hedge funds, and institutional investors. Services include deal structuring, management positioning, stakeholder negotiations, and investment/exit opportunity identification.
• Urban Planning & Architecture Executed over 100 Urban & Regional Development projects with services including Smart City Proposals, Smart City PMC, GIS-based Master Plans, Tourism Master Plans, Architectural Designs, DPRs, Slum Rehabilitation and Housing Planning, Land Development Advisory, Transportation Planning, and City Development Plans. Team includes LEED Accredited Professionals.
• Design Engineering Provides feasibility studies, DPRs for Slum Rehabilitation and Housing for All Projects, GIS-based Town Planning Schemes, and detailed designs/PMC for urban infrastructure including roads, water supply, sewerage, storm water drainage, and solid waste management. Collaborates with public health departments, state governments, and ULBs.
• Project Management Comprehensive project management services from planning, design, procurement, cost management to on-site project management including quantity survey, estimation, and construction supervision. Team of project managers and engineers help ensure quality execution on time and within budget.
• Energy & Environment Consulting Services in renewable energy project advisory, energy efficiency and demand side management, regulatory and policy consulting, Detailed Project Reports, transaction advisory, green building advisory, city level master plans, sustainable coastal development, environment and social impact assessment, carbon and water foot printing, and GHG mitigation and climate change solutions.
• Transaction Advisory Helps clients create value, evaluate opportunities, mitigate risks, and manage complexities to improve performance and capture greater value from transactions. Services include Project Conceptualization, Feasibility Study, Regulatory & Policy Consulting, Project Structuring-PPP, Bid Process Management, and Contract Structuring across sectors including roads, bridges, highways, urban development, transport, and smart cities.
• TSR Darashaw (BPO-TSR) BPO services (formerly Tata Share Registry) and market leader in share registry, payroll outsourcing, and record management.

Quantifiable outcome

• 800+ infrastructure projects completed
• +4 more outcomes

Named customers12 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered minor and core.

• DeloitteminorStrategic or Co-development Partner · 9 March 2026Faculty provider for PDUNASS training programme on EPFO exemption management and legal framework. Training conducted March 9-13, 2026 for EPFO officers.
• CRISILminorStrategic or Co-development Partner · 9 March 2026Faculty provider for PDUNASS training programme on valuation of securities alongside EPFO officials and Deloitte faculty.
• Pandit Deendayal Upadhyaya National Academy of Social Security (PDUNASS)minorStrategic or Co-development Partner · 9 March 2026PDUNASS inaugurated five-day training programme for EPFO officers with faculty from Deloitte, CRISIL, and Darashaw & Company focusing on exemption management, legal framework, and valuation of securities.
• Employees' Provident Fund Organisation (EPFO)coreStrategic or Co-development Partner · 9 March 2026Long-standing relationship through retirement benefits consultancy. Faculty participation in PDUNASS training programme for EPFO officers. Services include regulatory liaising, PF exemptions, and ALM studies.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Mercer: A global retirement-benefits, actuarial and investment-consulting business serving pension and provident funds. Its retirement expertise and institutional client base closely overlap Darashaw's retirement-benefits advisory franchise.
• CRISIL Limited: An Indian ratings, research, analytics and advisory company serving financial institutions, corporates and governments. It is comparable through institutional market research, credit-market expertise and broader advisory capabilities.
• Willis Towers Watson: A global advisory company focused on risk, retirement and employee benefits, including actuarial and investment consulting. Its retirement business is comparable to Darashaw's pension, gratuity and superannuation advisory work.
• Deloitte: A global professional-services network serving financial institutions, governments and corporations across transaction advisory, infrastructure, consulting and regulatory matters. It offers a broader, more diversified version of capabilities that Darashaw provides across finance and infrastructure.
• Aon plc: A global professional-services firm offering retirement consulting, actuarial, investment and risk solutions. It competes for institutional retirement-fund mandates and provides capabilities adjacent to Darashaw's ALM and advisory services.

Direct peers

• WAPCOS Limited: An Indian engineering and infrastructure consultancy providing planning, design, project management and transaction-advisory services. It is a direct peer for Darashaw's government-facing infrastructure consultancy division.
• JM Financial Limited: Provides investment banking, institutional sales, fixed-income, private credit, wealth management and alternative investment services. Its multi-product institutional model is comparable to Darashaw's integrated financial-services platform.
• Axis Capital Limited: An Indian financial-services firm providing institutional equities, investment banking and structured-finance solutions. Its capital-markets and advisory offering closely overlaps Darashaw's DCM and institutional businesses.
• SBI Capital Markets Limited: An Indian investment bank offering project advisory, capital-markets, private-equity and infrastructure-related services. It directly compares with Darashaw's debt capital markets, private-equity advisory and infrastructure advisory businesses.
• ICICI Securities Limited: Offers institutional equities, investment banking, broking and wealth-management services in India. It competes for many of the same institutional, corporate and wealth clients served by Darashaw.

Market position

Strengths5 records

Weaknesses6 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/darashaw1926

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Darashaw