Case studies

Judgment in the wild

A small set of real-world engagements showing how we think about working capital, investigations, and the judgment layer that sits between a problem and the right financial instrument.

Working CapitalRead case study →

How We Unlocked ₹200 Crore in Working Capital Without a Rupee of New Debt

A listed company was facing a tight cash cycle, but the answer was already sitting in its receivables. We structured the release of funds through TReDS so the balance sheet stayed clean and no new leverage was added.

Forensic AuditRead case study →

₹5 Crore in Leakages Found in One Engagement in a Business the Owners Thought They Knew

Family-run businesses often run on trust, and that trust can hide the very leakages that a normal audit never exposes. We used an unannounced mystery-audit approach to surface fraud, leakage, and control failures that had been hiding in plain sight.

Financial OperationsRead case study →

A Post-Revenue Startup Was 90 Days from a Term Sheet but Had No Financial Statements an Investor Would Accept

A SaaS startup with ₹3.5 crore ARR had been running its books in a spreadsheet. When a VC asked for three years of financial statements and a data room in 30 days, the founder had neither. We came in as outsourced CFO, reconstructed the books, produced audited accounts, built the financial model, and assembled the data room in time.

Export IncentivesRead case study →

A Manufacturer Had ₹47 Lakh in Export Incentives Sitting Unclaimed for Two Years Because Nobody Filed the Right Forms

An MSME exporter had been shipping consistently under FTP 2023-28 but had never activated the RoDTEP scrip mechanism. The credits had been accruing - unclaimed - for two years. We ran a retrospective claim, closed an open EPCG licence, and recovered ₹47 lakh in tradeable scrips.

International TaxRead case study →

An MNC Subsidiary Was Selected for Transfer Pricing Scrutiny. We Defended Every Transaction.

A wholly-owned Indian subsidiary of a European group received a transfer pricing scrutiny notice under Section 92CA. The AO proposed an adjustment of ₹3.2 crore on intragroup service fees. We rebuilt the benchmarking analysis from first principles, presented it at the DRP, and the proposed adjustment was reduced to nil.

ESOP & ValuationRead case study →

A 200-Person Startup Was About to Grant ESOPs Without Knowing the Tax Exposure of Every Employee

A growth-stage startup was expanding its ESOP pool ahead of a funding round. Under Section 17(2)(vi) of the Income Tax Act, ESOPs are taxed as perquisites at exercise - not at grant - but the FMV must be computed using Rule 11UA. We valued the shares, modelled each employee's tax exposure at vesting, and two employees restructured their vesting schedule before the round closed.

GST ComplianceRead case study →

A ₹1.2 Crore ITC Claim Was Being Denied Because the GSTR-2B Numbers Did Not Match

A manufacturing company received a GST scrutiny notice under Section 61 of CGST Act 2017 demanding reversal of ₹1.2 crore of input tax credit. We did a transaction-level reconciliation of 847 line items across three years, responded to the notice with full supporting workings, and retained ₹1.19 crore of the claim.

Valuation & M&ARead case study →

Two Founders Disagreed on What the Business Was Worth. We Had to Produce a Number Both Would Sign.

Two co-founders of a profitable B2B services company had decided to part ways. One wanted to buy the other out, but there was no agreed methodology and no neutral party either side fully trusted. We were engaged jointly, ran three valuation methods, and both founders accepted the ₹22 crore output without challenge.

Startup ServicesRead case study →

A First-Time Founder Got a Private Limited Company, GSTIN, TAN, and PF/ESIC in 14 Days - Without a Single Late Fee

A first-time founder had been quoted separately for incorporation, GST registration, TAN, and PF/ESIC - four engagements, four fees, four timelines. We ran the entire stack as a single integrated SPICe+ filing with AGILE-PRO-S and delivered everything in 14 days. The first salary was paid correctly from day one.

Investment ManagementRead case study →

A Family Office With ₹50 Crore to Deploy Needed to Be SEBI-Registered Before the First Investment

A multigenerational family office wanted to bring in two HNI co-investors for a private equity strategy. The informal holding structure was no longer compliant - pooling money from even two external investors for PE-style investments requires SEBI AIF registration. We structured the Category II AIF, handled the SEBI application, and set up the FEMA reporting framework for the offshore LP.