Nangia & Co: Where Quality Counts

CIO Vendor What are the attributes that make up a successful entrepreneur?

This question which is often pondered upon can be answered in various ways. A risk taker, somebody who can persevere through all odds, one who has an in depth knowledge of the domain, somebody privy to the burning needs of an industry, one who constantly strives to achieve more; factors such as these are often listed when talking about the prerequisites to be a successful entrepreneur. However, it is uncommon to find all of these attributes in one single person. But defying that notion is Rakesh Nangia, the founder of Nangia & Co, a tax advisory firm which is today a formidable name in the Indian taxation industry. The organization deals with a broad range of professional issues related to various industries, with a special expertise and forte in taxation issues related to the oil and gas industry. The firm that has been in the industry for 32 years now has slowly yet steadily built a name for itself not only on a local but on a global level. Captaining Nangia & Co’s journey to conquering the industry is Rakesh who has always been a fearless visionary. Armed with the required industry knowledge and a desire to be an equal partner to its clients, he has always marched on, claiming one victory after the other. However, like every first generation entrepreneur, his journey has not been devoid of its challenges. To get a better understanding of Rakesh and Nangia & Co’s story, let us rewind three decades back.

Ascent to the Top
The foundation of the firm was laid in 1984, a time when entrepreneurship was a concept unknown to most. It was a time when going down the beaten path of doing a regular 9-5 job was the norm as it brought a sense of security. Being the risk taking visionary that Rakesh is, he founded the firm in his home town Dehradun. Gradually yet steadily, the business grew and during the 90’s Nangia & Co was the top taxation firm in Dehradun. In 1992 Rakesh realized that the time was ripe to expand the reach of the firm. Delhi was chosen as the new arena for the firm’s battle to greater glory as it was geographically closer to Dehradun and also an economic power house. The company’s initial functioning in Delhi was very humble. Operating from a small room with a capital of mere Rs. 2 lakh as capital, Nangia & Co began its ascent to the top. This is the stage where Rakesh’s risk appetite and perseverance bore fruit. Working hard, physically and mentally paid off when Nangia & Co got an opportunity to work with a multinational organization as its client. This served as a major feather in the company’s cap as an international client validated the quality of Nangia & Co’s services. Since every Oil & Gas company was subjected to international taxation in Dehradun, Nangia & Co’s strategic positioning in the city served as further impetus for the company to be chosen by clients. By 2005, the market needs and challenges had transformed and Nangia & Co, decided to branch out to serving clients in segments other than oil & gas.

There has been no looking back since as the company has grown from strength to strength. What had started as a one man operation in Dehradun has today transformed into a formidable boutique firm that offers 360 degree services to clients across verticals. Nangia & Co helps national as well as international clients with corporate taxation, professional taxation, international taxation, indirect taxation, transfer pricing, litigation support, corporate governance, entry level strategy, risk advisory, IFRS services, corporate financial advisory and audit & assurance/ mergers & acquisitions.

The firm specializes in helping international clients in their operation within India.“80-85 percent of our clients are international names. We have an office in Singapore and the firm is affiliated to transfer pricing global network of 50 members from 50 countries, and we have a tie up with countries with which we have a reciprocal relationship,” adds Rakesh.

Nangia & Co works with Fortune 500 companies spread across 22 nations and verticals such as infrastructure, power, transportation, healthcare, tourism and hospitality among others

The company works with Fortune 500 companies spread across 22 nations and verticals such as infrastructure, power, transportation, healthcare, tourism and hospitality among others.

Breaking Down the Components of Success
The Big 4 have been ruling the financial consulting market for the past couple of decades owing to their massive reach across the globe and quality of services. However, not every company has the financial chops to hire one of the Big 4. Rakesh identified this and wanted to project Nangia & Co as a credible alternative to the Big 4. “We are very strong fundamentally, and also in terms of knowledge. This helped us become one of the top 10 major impactors in the financial services domain,” says Rakesh. The company focused on delivery, commitment, honesty, integrity, timely performances and cost effectiveness which helped it gain a good name among clients. Another major factor that helped Nangia & Co win over the trust of clients is the team’s accessibility to clients. From the very beginning the team makes it a point to always be in touch with its clients. “We answer every call, every mail, every query that a client can have. This accessibility helps us cement our trust with the clients,” adds Rakesh.

While other firms lay emphasis on the number of resources, Nangia & Co from the very beginning had decided to remain a boutique firm so as to provide personalized and competent services to clients. Having been in the industry for over 32 years, the team is still about 175 people who work in close quarters with the rest of their teammates. This lends a sense of openness and ownership among all the resources. Another major factor was the competent team at Nangia & Co that keeps itself updated with the going ons of the industry and moving ahead with the times. There is a healthy mix of domain experts who being to the table their own expertise which helps the firm impart 360 degree services across a section of verticals.

Rakesh also adds that it was his zeal to never stay static and to keep moving which fuelled the organization’s growth trajectory. Be it in terms of expanding to new verticals or to keep the cycle of learning running. “Whenever I came across something I found interesting, I worked to incorporate it within my company,” adds Rakesh. It is strategic decisions such as these which have helped Nangia & Co reach its current stature.

Giving Back To the Society
In an industry where organizations chase bigger and higher profits, Nangia & Co believes in fostering an environment where they can help to give back to the community that they live in. right from the beginning the firm has imbibed the spirit of community development in its very DNA and over the years has been a part of several charitable initiatives. Be it through educating underprivileged children, financial donations to aid economically backward families, supporting physically challenged citizens or helping adolescent health and education, the firm has always helped those in need. “Our commitment to good governance, ethical conduct and social responsibility is core to our way of doing business, and is strongly aligned with our drive to create and increase value for all stakeholders,” adds Rakesh.

The firm not only has its heart in the right place but also has its priorities set for the future. Having built a smart team with domain knowledge, a strong infrastructure and with its core values in place the firm is eying further growth in terms of number of clients, verticals, geographies and resources. Given Rakesh’s credentials as an entrepreneur par excellence Nangia & Co is building towards a brighter future.