PE roll-ups enter India…Ascentium acquires PR Bhuta & Co’s Advisory business

• Ascentium India, (formerly InCorp India), has acquired 47-year-old Mumbai-based CA firm PR Bhuta & Co’s Consulting and Advisory division.
• And the prize? It’s the firm’s expertise in FEMA, International Taxation and cross-border regulatory advisory.
• Backed by private equity investor Hillhouse, Ascentium is executing a classic “buy-and-build” roll-up strategy in India.
• Could India’s underestimated CA firms be next in the PE roll-up story?

So, who is PR Bhuta & Co?

Founded in 1979, PR Bhuta & Co. has spent 47 years building expertise in cross-border tax and regulatory advisory.

According to Ascentium India’s press announcement, PR Bhuta & Co advisory business covers:

• FEMA advisory: Helping clients navigate India’s foreign exchange regulations.
• International taxation and transfer pricing: Advising on tax matters across jurisdictions.
• NRI taxation: Supporting non-resident Indians with tax-related requirements.
• Valuation and cross-border structuring: Advising on international investments and transactions.

The leadership team: CA Pankaj Bhuta, Founder and Principal Advisor & CA Harshal Bhuta, a partner at the firm, joins Ascentium India.

CA Pankaj Bhuta in the press release said: Clients would continue working with the same team while gaining access to Ascentium’s broader capabilities.

Why is this deal a big deal?

In its official media release, Manish Modi, CEO of Ascentium India said that this acquisition would allow the firm to offer clients a more integrated approach to cross-border requirements and clients shouldn’t have to coordinate advice across multiple advisers.

It also strengthens Ascentium India’s ability to support corporates, promoters, family offices, NRIs and international investors.

And the timing matters…Ascentium India points to growing cross-border M&A, NRI investments and global mobility as drivers of demand for advice spanning multiple regulatory and tax requirements.

This is where it gets interesting….

Incorp India aka Ascentium India has acquired 4 firms in the last two years.

• Early 2025: InCorp merged with Amita Desai & Co., strengthening its corporate secretarial practice.
• July 2025: Acquired Ken & Co. expanding into cybersecurity and digital risk
• January 2026: InCorp acquired TMSL, a technology-enabled tax services business specialising in GST, indirect tax and automation with a team of 95. TMSL co-founders Jigar Doshi and Pratik Shah joined InCorp as co-founders.
• Oct 2026: It is adding PR Bhuta’s expertise in FEMA, international taxation and cross-border advisory.

So, Ascentium India isn’t simply expanding one service line…It is assembling capabilities across tax, corporate secretarial services, technology, risk and cross-border advisory.

But who’s writing the cheques? Private Equity

InCorp Global a Singapore-headquartered business services group was founded in 2015 backed by PE EQT.

In 2019 it entered India by launching InCorp India by merging two Indian advisory firms Synthesis Group and Jayesh Sanghrajka and Co LLP.  In December 2019 PR Gandhi & Co LLP joined.

The combination brought together more than 200 employees under the InCorp India brand.

Over the years Incorp Global ownership subsequently changed hands between 3 PE investors:

• EQT Private Equity…the original investor
• 2021: TA Associates acquired InCorp Global from EQT
• 2024: Hillhouse Investment acquired InCorp Global from TA Associates

Then…

• 2024: Hillhouse-backed Ascentium founded by Lennard Y. and Wendy Wang (It is an Asia anchored corp. services firm with a focus on roll up in high growth markets in Asia Pacific, Middle East)
• 2025: InCorp Global became part of the Ascentium Group
• InCorp India subsequently became part of the group and on 28 September 2026 it rebranded as Ascentium India.

Today the Ascentium Group is headquartered in Singapore and operates across 27 markets, serving more than 60,000 client entities.

Will more CA firms consider selling their advisory divisions?

Ascentium’s trajectory demonstrates how global PE funds like Hillhouse are reshaping the mid-tier Indian advisory and accounting landscape through systematic roll-ups.

And its timely and accurate.

For India’s independent CA firms, this is a development worth watching.