Ex-PwC Partners raise PE money & in 12 months hit $100Mn revenue

• In late 2025, former PwC partners Rob Silverwood and Sanjiv Jeraj launched Horizon Nexus Partners, backed by Australian private equity firm BGH Capital.
• According to the Australian Financial Review (AFR), in less than 12 months, the firm has crossed AUD $100 million in revenue! 
• Its next target? Build a AUD $400–500 million accounting business within five years.
• But here’s the question: Why aren’t we seeing more of this in India…or is it happening quietly?

Backstory…It all started at PwC Australia

PwC Australia tax leaks scandal became public in 2023.

The controversy involved a former PwC partner sharing confidential government tax information.

During the fallout, they helped broker the sale of PwC Australia’s government consulting business to private equity firm Allegro Funds. That business eventually became Scyne Advisory.

The experience gave them a closer look at what private equity could do in professional services.

In January 2025, Silverwood walked away from PwC after 26 years (13 as a partner), followed by Jeraj after 32 years (20 as a partner), to build Horizon Nexus with BGH Capital.

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

Building through acquisitions….

As we know Horizon Nexus took the PE route and in less than a year, it completed four acquisitions:

• Blaze Acumen: Established its tax and private client business in Melbourne.
• Nexia Perth: Gave the firm an anchor presence in Western Australia.
• PKF Brisbane & Townsville: Expanded its Queensland footprint.
• MVA Bennett’s audit arm: Added mid-tier audit capabilities.

Together, these acquisitions contributed around A$70 million in revenue and 15 equity partners.

But acquisitions were only one part of the strategy…According to the AFR, the firm has recruited hundreds of professionals (53 Partners and around 400 staff) from PwC, Deloitte, EY and KPMG.

Also read: This CA Firm with 40 Partners & 750+ Professionals saw 20-30% YoY growth

What’s the plan…replicate Big 4?

Well No…

Interestingly, its focus is on tax, audit and deals advisory, particularly for large private businesses, wealthy individuals, families and selected corporate clients.

So yes, the founders are deliberately staying away from listed-company audits, government consulting, large-scale management consulting and insolvency.

The founders have described their aim as creating an enduring partnership, rather than building the firm solely for a quick sale.

So, what really helped in the rapid growth?

Horizon Nexus (like many others) is capitalizing on two major shifts in the professional services market:

• Big Four partner fatigue
• PE interest in predictable accounting cash flows and recurring client relationships.

With capital behind them, they can acquire smaller practices, invest in technology, add new service lines and expand into new markets.

Private equity is actively backing accounting roll-ups across the:

• UK,
• Europe,
• the US

Also read: Zerodha’s Nikhil Kamath makes second investment in accounting firm KNAV

Meanwhile what’s happening in India?

According to research by the International Federation of Accountants (IFAC), more than 1,000 accounting firms worldwide have received private equity investment over the past decade.

India (home to 72000+ firms) is already seeing the emergence of a new generation of professional services firms…just through different structures:

Take KNAV, for instance. The accounting and advisory firm, which originated in Mumbai in 1999 (with global revenues growing from $26 million in 2023 to $50 million in 2025), received a minority investment from Nikhil Kamath’s NKSquared in September 2024 and a follow-on investment in June 2026.

Ascentium India (formerly InCorp Advisory): Backed by Hillhouse, the business has completed seven acquisitions in India since 2019, bringing together different professional services under one platform.

Uniqus Consultech: Co-founded by Jamil Khatri and Sandip Khetan, the firm is building a technology-enabled global consulting business. It raised $20 million in a Series C funding round in April 2025, led by Nexus Venture Partners.

Dhruva–Ryan: In 2025, US-based tax services firm Ryan acquired a majority stake in ex-KPMG Deputy CEO Dinesh Kanabar’s Dhruva Advisors.

And of course, the ICAI Alliance model that encourages firms to come together!

The approaches are different, but the direction is interesting…Professional services businesses are finding new ways to scale!

Also read: ICAI data reveals: India has 1,00,000+ CA Firms

Could PE permanently reshape accounting?

Short answer yes….

But the more interesting question is…What happens if the model works?

Could more accounting firms use private equity and acquisitions to build national or international platforms?

And could smaller firms find themselves competing against businesses with deeper pockets and a much wider service offering?