M A A K & Associates
M A A K & Associates is an Ahmedabad-based Chartered Accountancy firm offering audit, tax, M&A advisory, valuation, equity funding, and startup advisory services to manufacturing, service-sector, and growth-stage companies across India, with offices in Ahmedabad and Mumbai.
- Company typePrivate
- Founded2012
- HeadquartersAhmedabad, India
- Headcount51–100
- GTM typeB2B
- OfferingServices
What M A A K & Associates does
M A A K & Associates is an Ahmedabad-headquartered Chartered Accountancy firm founded in 2012, with a branch office in Ahmedabad and a Mumbai office, employing approximately 97 people. The partnership is led by three Chartered Accountants — Marmik Shah, Archit Shah (CA Final 3rd Rank, 2010; ex-Reliance Industries), and Kenan Satyawadi (CA Final 22nd Rank, 2010; ex-Deloitte) — supported by qualified associates with prior tenure at PwC and ICICI Bank. The firm holds ICAI Peer Review certification, RBI Category II registration, C&AG empanelment, and bank empanelment, qualifying it for statutory, regulated-entity, and lender-mandated assignments.
The firm's service offering spans the full chartered accountancy stack: statutory and internal auditing, direct and indirect taxation, secretarial compliance, payroll, accounting, and bookkeeping. Beyond traditional compliance work, it has expanded into transaction and advisory services including M&A advisory, joint ventures, equity funding, due diligence, project financing, business valuation, risk management, and a dedicated startup advisory vertical. Target clients are described as service-sector firms, manufacturing and other industries, growth-stage companies, and startups — with no named end-customer logos disclosed.
The business model is professional-services fee-for-engagement, typical of Indian CA firms: statutory audit fees, tax and compliance retainers, and project-based billing for advisory, valuation, and due diligence mandates. Revenue is generated across audit/assurance (the legacy core) and higher-margin advisory mandates, with regulatory credentials enabling access to government, bank, and RBI-regulated audit pipelines. No funding rounds, investors, M&A activity, or revenue figures are publicly disclosed; the firm operates as a private partnership. The firm's public-facing blog (blog.maakadvisors.com) last posted in April 2020, indicating limited ongoing thought-leadership activity.
M A A K & Associates firmographics
Firmographics- Name
- M A A K & Associates
- Legal name
- MAAK & Associates
- Website
- https://maakadvisors.com
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- M A A K & Associates is an Ahmedabad-based Chartered Accountancy firm offering audit, tax, M&A advisory, valuation, equity funding, and startup advisory services to manufacturing, service-sector, and growth-stage companies across India, with offices in Ahmedabad and Mumbai.
- Ownership category
- akta.pro rank
M A A K & Associates industry classification
Industry- Product category
- Chartered Accountancy & Advisory Services
- NAICS
- Management Consulting Services (54161)
- SIC
- Services-Management Consulting Services (8742)
- akta.pro primary industry
- M&A Advisory (Buy-Side & Sell-Side) (BPAHAOAA)
- akta.pro secondary industries
- Strategic Partnerships, Alliances & JVs Advisory (BPAHADAI), Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)
Keywords
Where M A A K & Associates is headquartered
LocationHeadquarters
- HQ city
- Ahmedabad
- HQ country
- India
- HQ region
- Asia
Offices3 records
Markets served
M A A K & Associates business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Professional Services - Audit & Tax: Revenue generated from providing auditing services (Internal Audit, Statutory Audit, Tax Audit, Stock Audit, Bank Audit, System Audit) and taxation services (Direct Tax Planning, GST Planning, Return Filing) to corporate clients.
- Financial Advisory - M&A and Funding: Revenue from facilitating Mergers & Acquisitions, Joint Ventures, Strategic Alliances, and Equity Funding (Venture Capital, Growth Equity, Buyouts) for corporate clients.
- Consulting and Advisory Services: Revenue from consulting services including Accountancy, Service Tax, TDS, VAT consulting, Project Financing, Business Valuation, and Risk Management Services.
- Startup Advisory Services: Revenue from providing business advisory and financial consulting services to startup ventures including entry route identification, deal structuring, and post-setup services.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
M A A K & Associates product offering
Product offeringCore offering
M A A K & Associates is a partnership firm of Chartered Accountants that provides professional advisory services including statutory and internal audit, direct and indirect taxation, mergers and acquisitions advisory, equity funding and joint venture structuring, startup advisory, due diligence, project financing, business valuation, and risk management. The firm serves corporates, financial institutions, startups, and public-sector entities with engagements led by partners and executed by qualified teams across its offices in Ahmedabad and Mumbai.
Product overview
M A A K & Associates is a CA advisory firm offering professional services through a portfolio of service lines rather than a unified software product. Core offerings include Mergers & Acquisition Advisory, Joint Venture & Strategic Alliance facilitation, and Equity Funding services. The firm provides Conventional Services (Auditing, Taxation, Secretarial Services, Payroll Processing, Accounting Finalization), Non-Conventional Services (Start-up Advisory, Due Diligence, Business Plans), and Other Services (Consulting, Project Financing, Business Valuation, Risk Management). These are advisory and consulting service offerings, not technology products or software platforms.
Differentiator
Problem solved
Functional benefit
Products and services
- Auditing Services
- Taxation Services
- Mergers and Acquisitions Advisory
- Equity Funding Advisory
- Due Diligence Services
- Project Financing Advisory
- Business Valuation Services
- Risk Management Advisory
- Startup Advisory
Companies that use M A A K & Associates
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles3 records
M A A K & Associates technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
M A A K & Associates partnerships and signals
Strategic signalScale indicators3 records
Recent moves5 records
Expansion highlights5 records
M A A K & Associates competitors and assessment
Company assessmentDirect peers
- Lodha & Co LLP: One of India's largest indigenous chartered accountancy firms offering audit, tax, corporate advisory, and due diligence to listed and unlisted Indian corporates. Comparable in offering breadth, partner-led delivery, and Indian mid/large-cap audit focus.
- BDO India LLP: Indian member of BDO's global advisory network providing M&A advisory, due diligence, valuation, tax, and audit services to mid-market and emerging corporates. Comparable offering mix to MAAK, particularly across M&A facilitation and equity-funding advisory.
- Mukesh M. Shah & Co: Ahmedabad-based Indian CA firm where MAAK partner Marmik Shah previously trained; provides audit, tax, and corporate advisory to Gujarat-based corporates. Directly comparable in geography, firm size band, and conventional/non-conventional service split.
- Grant Thornton India LLP: India arm of the global mid-market advisory network, offering M&A advisory, tax, audit, and transaction services to mid-market Indian companies. Most directly comparable peer given its positioning between Big Four and regional CA firms in deal size and client segment.
- Talati & Talati LLP: Gujarat-headquartered Indian CA firm offering audit, tax, and advisory services to mid-market and family-owned Indian businesses. Directly comparable in regional footprint, partner-led model, and client segment.
- RSM Astute Consulting Pvt Ltd: Indian member firm of RSM International providing audit, tax, and consulting to mid-market Indian companies with growing cross-border transaction advisory practice. Comparable mid-market positioning and advisory/audit mix.
Regional players
- Anil S Shah & Co: Ahmedabad-headquartered Indian chartered accountancy firm where MAAK partner Kenan Satyawadi previously worked; offers audit, tax, and consulting to Gujarat corporates. Comparable in Western Indian geography and service mix but does not have an M&A/equity advisory focus.
Broad incumbents
- PwC India: Indian Big Four firm providing M&A advisory, transaction services, audit, tax, and consulting to large Indian and multinational clients. Overlaps with MAAK's M&A, due diligence, and equity-capital advisory work on larger mandates.
- Deloitte Touche Tohmatsu India LLP: India's largest Big Four professional services firm offering M&A advisory, audit, tax, consulting, and risk services to large Indian corporates and multinationals. Overlaps with MAAK's M&A advisory and audit offerings at the larger end of the deal-size spectrum.
Emerging players
- Avendus Capital Pvt Ltd: India-focused investment bank specializing in M&A advisory, equity capital markets, and structured finance for mid/large-cap Indian companies. Comparable in equity-funding and M&A advisory offerings, though at a significantly larger deal-size and ticket range.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks5 records
Key highlights7 records
Customer concentration
M A A K & Associates social profiles
Digital presenceM A A K & Associates compliance and trust
Trust signalCompliance4 records
M A A K & Associates financial estimates
Financial estimateRevenue estimate
Valuation estimate
M A A K & Associates leadership team
Management profileNumber of profiles
Profiles3 records
M A A K & Associates funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
M A A K & Associates M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about M A A K & Associates
What does M A A K & Associates do?
M A A K & Associates is a partnership firm of Chartered Accountants that provides professional advisory services including statutory and internal audit, direct and indirect taxation, mergers and acquisitions advisory, equity funding and joint venture structuring, startup advisory, due diligence, project financing, business valuation, and risk management. The firm serves corporates, financial institutions, startups, and public-sector entities with engagements led by partners and executed by qualified teams across its offices in Ahmedabad and Mumbai.
Is M A A K & Associates a public or private company?
M A A K & Associates is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was M A A K & Associates founded?
M A A K & Associates was founded in 2012. It employs 51 to 100 people.
Where is M A A K & Associates based?
M A A K & Associates is headquartered in Ahmedabad, India, in the Asia region.
How does M A A K & Associates make money?
Four revenue lines are on record. Professional Services - Audit & Tax is the primary driver. The others are financial Advisory - M&A and Funding, consulting and Advisory Services and startup Advisory Services.
Who are M A A K & Associates's main competitors?
Direct peers on record are Lodha & Co LLP, BDO India LLP, Mukesh M. Shah & Co, Grant Thornton India LLP, Talati & Talati LLP and RSM Astute Consulting Pvt Ltd. Anil S Shah & Co is listed as a regional player. Broad incumbents are PwC India and Deloitte Touche Tohmatsu India LLP. Avendus Capital Pvt Ltd is listed as an emerging player.
Does M A A K & Associates have an API?
No public API is recorded for M A A K & Associates.
What industry is M A A K & Associates in?
M A A K & Associates's product category is Chartered Accountancy & Advisory Services. Its primary akta.pro industry code is BPAHAOAA, M&A Advisory (Buy-Side & Sell-Side), with a secondary code of BPAHADAI, Strategic Partnerships, Alliances & JVs Advisory. Its NAICS code is 54161 and its SIC code is 8742.