TFS Gulf 
- In 2025, US tax giant Ryan bought a majority stake in Dinesh Kanabar’s Dhruva Advisors.
- Now, less than a year later, the Dhruva name is set to disappear from offices in Dubai, Abu Dhabi and Riyadh.
- Dhruva had built a serious reputation in India and the Middle East, competing for complex work alongside the Big 4.
- Then why the name change?
The real story started last year
In September 2025, Ryan announced a strategic investment in Dinesh Kanabar’s Dhruva Advisors (FY 2024 revenue as per TRAXCN INR 210 crore), with Ryan acquiring a majority stake.
But this wasn’t the usual “US firm buys Indian firm” story.
Dhruva’s Partners received equity in Ryan.
So the people who built Dhruva weren’t simply selling and walking away. They were effectively taking a stake in what Ryan could build next.
And Dinesh Kanabar, Dhruva’s Founder, Chairman and CEO, became Vice Chairman of Ryan.
For Ryan, the deal was a fast way to build a stronger presence in India, the Middle East and Singapore.
For Dhruva, it was access to something much harder to build from scratch: A global tax platform.
As Kanabar explained when the deal was announced, Dhruva wanted to give Indian clients global reach while maintaining its strong regional presence.
Now the interesting part
On August 31, Ryan and Dhruva announced that the UAE and Saudi Arabia businesses will move to the Ryan brand by the end of 2026.
Ryan says it plans to continue investing in its Middle East operations.
Nimish Goel will continue leading the 130-plus Middle East team under the Ryan banner, so client relationships won’t change overnight.
Why give up the brand name?
Ex-KPMG Deputy CEO’s Dhruva Advisors did set a Gold standard in Tax consulting.
And Dhruva was proof that an Indian boutique firm could build an elite, standalone global advisory practice.
Then why the name change?
According to leadership, it’s about what comes “NEXT”.
Tax advisory in 2026 isn’t just about reading local tax codes; it’s about cross-border tax tech, data analytics, and massive software infrastructure…Ryan brings that technical muscle.
Insiders have mixed views
One Big Four Partner believes the deal reflects a fundamental shift in tax advisory.
“In 2026, tax advisory isn’t just about knowing tax law.
It is increasingly about tax technology, data analytics and the ability to operate across borders.
Building that technology platform from scratch in India is brutally expensive and will take decades.
Partnering with a PE-backed US giant was the fastest way to stay competitive.”
Another industry veteran we spoke to was disappointed.
“Losing the name is the end of an independent Indian tax giant.
It proves how difficult it is for an Indian advisory firm to go truly global completely on its own.”
And this is where Indian firms should pay attention
For years, Indian professional-services firms largely had two choices when thinking about international expansion:
- Build their own network.
- Or join/partner with an international network.
The Dhruva-Ryan model points to another third possibility: Build something genuinely valuable first, then become attractive to a global platform.
It also raises a much bigger question: Will India’s next generation of tax and advisory firms build global firms themselves or become part of global firms?
