TFS Gulf 
- PE-backed US tax giant, Ryan acquires majority stake in Dhruva Advisors, forming a “joint venture” in India.
- Dhruva has 38 Partners and 500+ professionals (including 130+ in the Middle East).
- The JV now supercharges Ryan’s presence in some of the world’s fastest-growing markets – Asia & Middle East.
- This is not your typical acquisition where the seller cashes out entirely.
Who are Ryan and Dhruva Advisors?
Ryan is the world’s largest firm dedicated exclusively to “business taxes”, headquartered in Texas founded by G. Brint Ryan.
With 5,900 professionals advising 77,000 clients worldwide, the firm generated a remarkable $1.24 billion in revenue in 2024.
Yes, Ryan is backed by private equity:
- October 2018, Onex Partners bought a 42% stake in Ryan for $317M (Valuation $1.1Bn)
- May 2022, Ares Management acquired a minority stake (Valuation $2.5Bn)
Dhruva was founded in 2014 by tax veteran KPMG India (Deputy CEO), PwC (Head of Tax & Regulatory), and RSM & Co. (Deputy CEO)…Dinesh Kanabar.
- 11 offices across India, Singapore, and the Middle East.
- 38 partners and 500+ professionals (130+ in the Middle East).
- FY24 India revenue: ₹217 crore ($26M).
- Serves clients in aerospace, automotive, finance, healthcare, tech, and more.
Also read: GT US buying sister firms France, Spain, Belgium…All eyes on GT Bharat?
Inside the Ryan–Dhruva joint venture
As announced by Ryan and Dhruva Advisors in their press release:
Ryan will acquire a majority stake in Dhruva Advisors, forming a “joint venture” in India (Technically, Ryan is buying a majority stake in Dhruva Advisors, but it’s still being called a joint venture because of (possibly) how the deal could be structured.)
Ryan executives join Dhruva’s board, and Dinesh Kanabar becomes Vice Chairman at Ryan while staying CEO & Chairman of Dhruva. (Shared governance)
Dhruva Partners takes equity in Ryan (Stake in Ryan means Dhruva Partners remains invested in the combined entity’s long-term growth).
Dhruva continues running its India, Middle East, and Singapore offices (Retaining its Brand name, identity, and management).
How big is the deal?
Financial details weren’t fully disclosed, but Ryan is acquiring a majority stake while Dhruva partners retain an equity interest, ensuring shared growth.
As per Tracxn, Dhruva’s FY24 India revenue is ₹217 crore ($26Mn).
Also read: Dinesh Kanabar’s Dhruva just opened a new Dubai office
Deal didn’t happen overnight
As Dinesh Kanabar mentioned in a conversation with Shireen Bhan on CNBC-TV18:
“Our discussions with Ryan have been ongoing for the last couple of years, during which we worked to align our culture, values, processes, and systems.”
Why Dhruva took the leap
Tax is a fast-growing, complex global industry (5–7% annual growth).
And Dhruva has grown rapidly across India and the UAE, with recent forays into Saudi Arabia.
But Dinesh Kanabar wanted to give Dhruva’s Indian clients a global reach while maintaining a strong regional presence.
As he told CNBC-TV18:
“We found Ryan to be a global leader in tax services, probably the world’s largest tax-only firm.
G. Brint Ryan has been growing it for 34 years, with a strong presence in the USA, Canada, and the UK, now expanding into Europe, but with little presence in India, the Middle East, and Singapore.”
Also read: Ex-KPMG Deputy CEO’s Dhruva Advisors sets a Gold standard in Tax consulting
Why it matters for Ryan
Ryan already has a delivery centre in India with 1,600 people and a long-standing presence in Hyderabad for over 20 years. So Ryan values India as a critical delivery market.
As Ryan told CNBC-TV18,
“I was looking for a partner to serve clients across India, the Middle East, and Singapore.
The JV is structured so Ryan can consolidate results in India, while both sides benefit from each other’s networks and global technology platforms.”
Dhruva is a Tax leader in India.
In the Middle East, Dhruva is the only boutique firm giving the Big 4 a real fight.
So looks like Dhruva fits the bill perfectly.
Also read: Quit PwC Dubai to join boutique tax firm. Bet pays off – Dhruva winning in Middle East
Wrapping up…
Boutique tax firms are fragile. They’re built on Talent — they rise and fall with their Partners.
Take BMR, for example. Over 13 years, it grew from 100 clients to 800 and expanded its team from 50 to 250 employees. But as TheQuint put it in one of their articles: BMR was built on talent but also beaten by it!
Dhruva Advisors tells a different story.
Despite a few very important Partner exits, the firm kept its leadership stable, culture intact, and scaled globally—India, the Middle East, and Singapore.
Now, with a JV with a PE-backed US tax giant Ryan, Dhruva is set to double down in India & the Middle East like never before.
