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Our Services

The full advisory
picture.

From your first fundraise to your most complex cross-border transaction — Maroon Advisors provides expert advisory across every dimension of business finance and compliance.

01
🤝

Transaction Advisory

M&A · DEAL STRUCTURING · DUE DILIGENCE
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Maroon Advisors provides end-to-end transaction advisory for acquisitions, mergers, strategic investments, and business sales. We work with founders, promoters, PE funds, and corporates at every stage of a deal — from first mandate to final closing.

Our partner-led model ensures senior attention throughout. Every engagement is led by advisors with 10+ years of transaction experience across technology, healthcare, manufacturing, and financial services.

Buy-Side Advisory
Target identification, approach strategy, valuation benchmarking, due diligence coordination, and SPA negotiation support.
Sell-Side Advisory
Information memorandum preparation, buyer outreach, data room management, bid evaluation, and deal closure.
Due Diligence
Financial, commercial, and legal due diligence — identifying material risks and structuring protective provisions.
Deal Structuring
Optimal deal structure advisory covering share purchase vs. asset purchase, earn-outs, escrow, and tax efficiency.
Our Process
1
Mandate & Scope
2
Target / Buyer ID
3
Valuation & Term Sheet
4
Due Diligence
5
Close
Why it matters

Most deals that fail do so in the structuring and diligence phase. Our end-to-end mandate approach keeps every workstream aligned.

02
💰

Fundraising Compliances

SEBI · RBI · DPIIT · CAP TABLE
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Raising capital in India involves a layered web of regulatory requirements — from board and shareholder resolutions to RBI filings, DPIIT notifications, and share allotment procedures.

Maroon Advisors manages the complete compliance lifecycle for equity fundraises — Pre-Seed through Series B and beyond. We work alongside your legal counsel and investors to ensure clean, timely execution.

Shareholder Resolutions
Board and EGM resolutions for allotment, pre-emption waivers, ESOP grants, and rights issues in legally compliant form.
RBI & FCGPR Filings
Form FCGPR, SMF, and ARF filings for foreign investment — advance remittance reporting and annual return obligations.
Cap Table Management
Clean cap table structuring from day one — accounting for ESOPs, convertibles, preference share mechanics, and anti-dilution.
DPIIT Notifications
Sector-specific approvals and DPIIT recognition procedures for startups seeking government schemes.
Our Process
1
Round Design
2
Legal Docs
3
Allotment & ROC
4
RBI Filing
5
Cap Table Update
Common gap

Many founders complete a round but miss FCGPR deadlines — triggering RBI compounding obligations. We ensure no step is missed.

03
📊

Business Valuations

ESOP · M&A · FDI · IND AS
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A valuation is only as useful as its defensibility. Whether for an ESOP grant, FDI pricing, shareholder dispute, M&A transaction, or Ind AS 102 accounting — the methodology, assumptions, and documentation must withstand scrutiny.

Our valuations team includes registered valuers and analysts with deep experience across DCF, market multiples, NAV, and option pricing models.

ESOP Valuations
Fair market value determination under Black-Scholes / Binomial models for grant pricing and Ind AS 102 expense recognition.
FDI & ODI Pricing
Valuation reports meeting FEMA pricing guidelines for inbound FDI and outbound direct investments.
M&A Fairness Opinions
Independent valuation and fairness opinions for acquisitions, mergers, and related-party transactions.
Ind AS Valuations
Purchase price allocation, goodwill impairment testing, and financial instrument fair value assessments.
Our Process
1
Scope & Data
2
Methodology
3
Financial Model
4
Report Draft
5
Final Delivery
Regulatory note

For unlisted companies, ESOP valuations must be conducted by a registered valuer. Our reports are audit-ready and regulator-compliant.

04
🌐

FEMA / FDI Advisory

INBOUND FDI · ODI · RBI FILINGS
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India's FEMA framework governs every cross-border capital flow — inbound FDI, outbound direct investments, ECBs, and overseas entity structures. Non-compliance carries compounding penalties that can impair a transaction.

Our FEMA practice combines regulatory depth with commercial pragmatism. We advise Indian startups receiving foreign investment, Indian companies investing abroad, and foreign companies entering India.

FDI Structuring
Automatic vs. approval route analysis, sector cap compliance, downstream investment rules, and investment structuring.
ODI Advisory
Outbound investment structuring for Indian companies setting up subsidiaries or JVs — Form ODI, APR, annual filings.
RBI Filings & Compounding
FCGPR, FCTRS, ODI forms, and LRS reporting. Compounding applications for past breaches handled sensitively.
Foreign Company Entry
Branch office, liaison office, project office, and WOS establishment under FEMA and Companies Act.
Our Process
1
Transaction Review
2
Route Analysis
3
Documentation
4
RBI Filing
5
Ongoing Compliance
Often missed

ODI annual performance reports are frequently overlooked by Indian companies with foreign subsidiaries. Non-filing triggers automatic compounding.

05
📋

Secretarial Compliances

CORPORATE GOVERNANCE · ROC · BOARD MANAGEMENT
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Corporate governance and regulatory compliance are not just legal obligations — they are signals of organisational maturity. A company with clean secretarial records closes due diligence faster and raises capital more easily.

Our secretarial practice handles the full spectrum of compliance under the Companies Act, 2013 — from board meetings and annual filings to charge management and event-based reporting.

Board & Shareholder Meetings
End-to-end board meeting management — notices, agendas, minutes, and resolutions. AGM coordination and EGM support.
Annual ROC Filings
Annual Return (MGT-7/7A), Financial Statements (AOC-4), and DIN compliance filed accurately and on time.
Event-Based Filings
Director changes, charge creation/modification, share allotment, address changes — filed within statutory deadlines.
Statutory Registers
Maintenance of Register of Members, Directors, Charges, Related Parties, and other mandatory registers.
Our Process
1
Compliance Calendar
2
Meeting Management
3
Drafting
4
Filing
5
Record Keeping
Common risk

Delayed event-based filings attract compounding penalties that multiply quickly. Our proactive calendar management eliminates this risk.

06
⚖️

Tax Advisory

DIRECT TAX · GST · TRANSFER PRICING · M&A TAX
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Tax is not just a cost — it is a structuring variable. The difference between a well-structured and a poorly structured transaction or fundraise can be measured in crores of additional tax outflow.

We advise on corporate direct tax, founder and HNI personal tax, GST, transfer pricing compliance, and the full spectrum of M&A tax issues.

Transaction Tax
Deal structuring for optimal tax efficiency — share purchase vs. slump sale, capital gains planning, and post-merger integration.
Founder & HNI Tax
Tax planning for founders around ESOP vesting/exercise, secondary transactions, liquidity events, and cross-border income.
GST Advisory
GST registration, classification advisory, input tax credit optimisation, and support for assessments and audits.
Transfer Pricing
Documentation and benchmarking for related-party cross-border transactions under Indian TP rules.
Our Process
1
Situation Analysis
2
Structuring Options
3
Documentation
4
Filing Support
5
Dispute Resolution
Key insight

In an M&A transaction, tax due diligence often reveals contingent liabilities that alter deal value. We integrate tax review from the outset.

07
📒

Accounting & Finance

BOOKKEEPING · MIS · IND AS · AUDIT SUPPORT
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Accurate, timely financial records are the foundation of every business decision and every investor conversation. The quality of management accounts often determines how credibly you can communicate with investors and lenders.

Our accounting practice provides end-to-end finance function support — from monthly bookkeeping to Ind AS implementation and investor-ready MIS reporting.

Monthly Bookkeeping
Transaction recording, bank reconciliation, vendor/customer ledger management, and petty cash reconciliation.
Management MIS
Monthly P&L, balance sheet, cash flow statement, and variance analysis presented in investor-ready format.
Ind AS Implementation
Transition to Indian Accounting Standards — revenue recognition (Ind AS 115), leases (Ind AS 116), ESOP (Ind AS 102).
Audit Support
Year-end close procedures, schedule preparation, auditor coordination, and statutory audit support.
Our Process
1
Chart of Accounts
2
Monthly Bookkeeping
3
MIS Preparation
4
Quarterly Review
5
Audit & Filing
Why it matters

Investors and acquirers examine the quality of management accounts carefully. Clean, well-structured MIS signals operational maturity.

08
💼

Fractional CFO

FINANCIAL STRATEGY · FUNDRAISE PREP · BOARD REPORTING
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Not every growth-stage company needs a full-time CFO — but every company needs CFO-level thinking applied to strategy, fundraising, and financial management. Our Fractional CFO offering delivers exactly that.

We embed as your strategic finance partner — attending board meetings, preparing investor materials, advising on capital allocation, and building finance systems for scale.

Fundraise Preparation
Financial model review, investor deck support, data room preparation, due diligence management, and term sheet evaluation.
Board & Investor Reporting
Monthly board packs, quarterly investor updates, KPI dashboards, and ad-hoc management presentations.
Treasury & Working Capital
Cash flow forecasting, working capital optimisation, banking relationship management, and investment of surplus funds.
Finance Function Build-Out
Hiring plan, systems selection (ERP/accounting), process design, and internal controls for scale.
Our Process
1
Situation Assessment
2
Priority Setting
3
Monthly Reporting
4
Strategic Projects
5
Board Support
Engagement model

Our Fractional CFO engagements are structured around your stage and needs — from 1 day/week to full-time equivalent. Senior partner involvement is guaranteed.

09
💳

Payroll Management

PF · ESI · TDS · PROFESSIONAL TAX
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Payroll compliance in India involves multiple overlapping obligations — PF, ESI, TDS (Form 24Q), professional tax, and annual Form 16 issuance. A single missed deadline can attract penalties and employee grievances.

Our payroll practice handles end-to-end payroll processing for companies from 5 to 500 employees — including structured salary design, statutory deductions, and annual Form 16 generation.

Monthly Payroll Processing
Salary computation, statutory deduction calculations, net pay statements, and salary bank transfer advice.
PF & ESI Compliance
Monthly challan generation and payment, ECR filing, PF transfer/withdrawal support, and annual reconciliation.
TDS on Salary
Form 24Q quarterly filing, TDS challan management, and Form 16 generation for all employees at year-end.
Salary Structuring
Tax-efficient salary structure design — HRA, LTA, meal vouchers, NPS — to maximise in-hand pay.
Our Process
1
Employee Data Setup
2
Monthly Processing
3
Statutory Payments
4
Returns & Filing
5
Form 16
Compliance tip

PF and ESI challans are due by the 15th each month. A single day's delay triggers interest liability. Our systems ensure zero late payments.

10
🏆

ESOPs

PLAN DESIGN · VALUATION · GRANT LETTERS · FEMA
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ESOPs are the single most powerful talent retention tool for Indian startups — but only if designed, documented, and administered correctly. Poorly structured plans create accounting complexity and regulatory exposure.

Maroon Advisors provides end-to-end ESOP support: plan design, board approval, grant administration, valuation, Ind AS 102 accounting, and FEMA compliance for foreign employees.

Plan Design
Vesting schedules, cliff periods, acceleration triggers, exercise window, and good/bad leaver provisions aligned with investor term sheets.
ESOP Valuation
Fair market value and Black-Scholes / Binomial model valuations for grant pricing and Ind AS 102 expense recognition.
Grant Administration
Grant letter preparation, employee communication, board resolutions, and maintenance of ESOP register.
FEMA for Foreign Employees
FEMA compliance for options granted to non-resident employees — pricing, exercise notifications, and RBI reporting.
Our Process
1
Plan Design
2
Board Approval
3
Employee Grants
4
Vesting & Exercise
5
Accounting
Accounting reminder

Under Ind AS 102, ESOPs must be expensed at grant date fair value over the vesting period. We ensure your ESOP accounting is audit-ready.

11
🏢

Business Setup

INCORPORATION · ENTITY STRUCTURE · FDI ENTRY · DPIIT
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The choice of entity, jurisdiction, and structure at incorporation determines the capital raise pathway, tax efficiency, exit mechanics, and regulatory burden for years. Getting this right at the start saves significant cost later.

We advise on entity selection, handle incorporation, assist with DPIIT startup recognition, and manage foreign company entry under FEMA.

Entity Selection
Private limited vs. LLP vs. OPC vs. foreign subsidiary — analysis based on funding plans, tax position, and operational needs.
Incorporation (SPICe+)
Company incorporation via MCA SPICe+ — name reservation, DIN, DSC, MOA/AOA, PAN, TAN, GST, and bank account.
DPIIT Recognition
DIPP/DPIIT startup recognition for access to tax benefits (Section 80-IAC), fast-track IP, and government schemes.
Foreign Company Entry
Branch office, liaison office, and wholly-owned subsidiary setup for foreign companies entering India.
Our Process
1
Requirement Analysis
2
Entity Design
3
Incorporation
4
Post-Incorporation Setup
5
Ongoing Compliance
Structure matters

Many startups incorporated without proper advice end up restructuring before Series A — a costly process. Getting the structure right at Day 1 is worth it.

Why leading companies choose Maroon Advisors

01
Partner-Led
Every engagement is led and reviewed by a partner with 10+ years of experience. No juniors running your matter unsupervised.
02
Integrated Practice
Transaction, FEMA, tax, and compliance teams work together — so the left hand always knows what the right hand is doing.
03
Startup-Fluent
We understand VC term sheets, cap tables, and the startup fundraising lifecycle — not just the regulatory framework around it.
04
200+ Clients
A decade of advisory across 200+ companies gives us pattern recognition that accelerates timelines and avoids known pitfalls.

Ready to work with us?

Whether you have a specific mandate or want to explore how we can help, our partners are available for a no-obligation conversation.

Schedule a Consultation