M A A K & Associates

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.

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

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

• Audit and assurance services
• Mergers and acquisitions advisory
• Tax compliance consulting
• Business valuation services
• Corporate financial advisory

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. 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.
2. 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.
3. Consulting and Advisory Services: Revenue from consulting services including Accountancy, Service Tax, TDS, VAT consulting, Project Financing, Business Valuation, and Risk Management Services.
4. 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

Core 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

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Direct 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

• LinkedInlinkedin.com/company/maak-and-associates

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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

M&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