The Idea Behind Starting MARC

During his 4 year stint at PwC, Mumbai, Ashutosh worked with several private equities and venture capitalists. During that time, he also worked with several SMEs. This made him understand the vibrant SME sector in India and the issues faced by most SMEs in India, in terms of survival and growth. Working with Kineco Pvt. Ltd. in Goa was a pivotal moment for him as it ignited in him a keen interest in the field of financial analysis and inflamed his passion for popularising Goa in the landscape of Business Business Advisory. This gave birth to Mangal Analytics and Research Consulting Pvt. Ltd. (MARC) named after his mother, Mangal who played a significant role in shaping his life and career.

Public Response

When Ashutosh started Mangal Analytics, many of his friends who were CAs as well as his close family members were sceptical about the commercial viability and success of his company. Many of them felt that there is no market in Goa for business advisory services, let alone due diligence. Even when Ashutosh was leaving PwC, he remembered his partner telling him that it shall be difficult for him to sustain the lifestyle as he had reached a certain level. He also remembers a few early client meetings wherein he faced a lot of ridicule and was written off.

“As per them, I did not add any value, and ‘they knew it all’”, says Ashutosh. “So it was a little challenging in the beginning. I used to have a nice hot coffee and sleep it off and believe that the next day would be a brighter one. It also helped to have a few wellwishers who I could call upon whenever self-doubt crept in or I just needed that boost of energy. But I saw potential in what I was offering when no one else did, and now, after years, we are still standing strong and growing”, he adds.

Clients Served

MARC’s rich clientele envelops several leading and reputed names including Monginis’ master franchise in Goa, Magsons – the largest chain of superstores in Goa, Marriott, Planet Hollywood, Taj, Fomento Group, Tito’s, Alcon Group, Optel Vision Inc, Astra Group of Companies, Dr. Batra’s, and many others. Not to mention, the firm is also appointed by other larger firms outside Goa to execute due diligence and project feasibility transactions across the country.

“These partnerships have not only enabled us to showcase our expertise in the industry but have also allowed us to gain valuable experience and insights", says Ashutosh.

“However, at our core, we understand that every client, regardless of their size or stature, deserves our utmost attention and dedication. We strive to provide every client with the same level of professionalism and service, regardless of the scope of their project or the extent of their requirements”, he says.

Challenges Faced

After the demise of his mother, Ashutosh decided to return back to Goa to be close to his family. As it was a sudden decision, it meant learning ‘on the job’. “The biggest challenge I faced after moving back to Goa was people'' says Ashutosh. “I gained a lot of knowledge from interactions with people from all walks of life. When I restarted my career in Goa, most decisionmakers were in the age group of 60 years and above, and it was difficult for them to take a young man seriously”, he says.

“Also, what I offered was unique for them. Hence, it took time for them to accept that the services offered by me were of value to them. Goans too, in general, were not comfortable sharing their finances with a Goan for reasons of confidentiality. It took quite some time and effort to build trust”, he adds.

His Pillars Of Support

Ashutosh always had some angels who supported him at different phases of his journey. His professor from college, Mr. Nikhil Varerkar became a strong pillar for him in his early days after returning to Goa. “He was my sounding board when it came to venting out my frustrations of all kinds”, says Ashutosh. “Also, my shareholder and director, Mr. Satish Shinde, who was one of my earliest clients, has been of rock-solid support from day one. I am always inspired by his energy and positive spirit. Whenever I need a boost of energy, I call upon him. My cousin, Dr. Tejas Kamat is another person who also inspires me and keeps me going. My family too has played their part in understanding and supporting me. In addition, there are many other people who would not want to be publicly acknowledged but have played a huge role in whatever I am today”, he says.

Future Plans

MARC is following a clear roadmap for expanding its footprints in Tier 2 and Tier 3 cities across India. During the last 18 months of Covid, MARC opened 7 offices across India, expanding their reach across the country. They plan to collaborate with other traditional consulting and CA firms and provide their clients with niche business advisory support. In addition, MARC is today serving reputed consulting firms in the US, UK, Hong Kong, Europe, etc. They are keen on making Goa and India the hub of execution of complex analytics for the world. “This will enable us to support ‘Make (Service) in India’. We are also working on our own fintech product aimed at helping MSMEs understand finance better”, says Ashutosh.

His Message

Ashutosh says that entrepreneurship is a marathon. “There will be days when you will feel super low. Everything will seem like it's crumbling. Your landlord will serve you a notice to leave the premises, your best employee would resign taking 3 others along, and your client who gave you 30% of your business would leave. But, never give up. Believe in the power and hope of tomorrow. Go slow on a day that seems to have gotten out of hand. But keep making progress. Keep your passion alive. It doesn’t matter if you are not an entrepreneur; get up to do things that will make you happy and the world a better place. We only live once”, he says.