Pierag Consulting LLP, formerly Pierian Assurance & Advisory, announced its plans to achieve a $25 million revenue target by FY26 and $50 million by FY27, said Abhishek Gupta, Founder & Managing Partner, Pierag Consulting LLP. The company is targeting a 104 per cent CAGR from FY25 to FY27. The company was recently rebranded as Pierag Consulting LLP. It also announced strategic goals and growth plans for the coming years, including revenue growth targets, team expansion, widening global geographic footprint and diversification of service offerings.
In an interaction with FinancialExpress.com, Abhishek Gupta said, “With its strategic focus on tier-2 and 3 cities to hire and nurture the rich untapped talent pool, Pierag Consulting aims to significantly grow the existing workforce of 250 professionals to over 1,000 members by FY 2027 thereby enhancing the service capabilities and supporting its growing client base effectively.” In terms of geographical expansion, Pierag Consulting is planning to add a new office location in India by FY26 and another international location by FY27 to broaden its global reach. Currently, it has offices in global business hubs like Gurugram, Bengaluru, and Washington DC, as well as Tier-2 cities of India, like Jaipur and Chandigarh.
“By the end of FY26, the firm is also planning to introduce new offerings which include transaction advisory, solutions for venture capital/private equity funds, cybersecurity, and esg compliance and reporting,” he added. The company services clients across industries in the US, India and UK. The firm also has a joint venture with Baker Tilly-US, one of the top 10 global public accounting firms.
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Here are edited excerpts from the interaction:
Tell us about the firm’s performance.
Pierag Consulting LLP has been growing at an extraordinary Compound Annual Growth Rate (CAGR) of 210 per cent since its inception in 2021. The firm clocked $6.8 million revenue in FY 2024 and is on track to reach $12 million revenue in FY 2025 (current fiscal year). During these years, the firm has become one of the fastest-growing organizations in India and the global market in the consulting space. Pierag Consulting LLP has established a strong presence in serving the top 15 Certified Public Accountant (CPA) and Management Consulting firms in the United States along with India’s largest airlines, a joint venture with Baker Tilly-US (one of the top 10 global public accounting firms), top global Venture Capital/Private Equity funds, world’s largest food delivery company, and the world’s largest e-commerce company (resellers).
What is the rationale behind the rebranding of the firm?
The rebranding activity marks a significant transformation with the launch of a new brand identity, purpose, ambition and vision. With this, Pierag Consulting has also announced strategic goals and growth plans for the coming years, including revenue growth targets, team expansion, widening global geographic footprint and diversification of service offerings. Through the rebranding, the firm is embracing the modern consulting outlook with a fresh perspective and renewed enthusiasm.
What is the size of the consulting market in India?
The consultancy industry in India is growing quickly, expected to increase by about 8.3 per cent each year from 2021 to 2028. This growth means more services and bigger companies in the sector. Several factors are driving this rise: India’s growing economy, more startups and entrepreneurs, and the challenges businesses face after COVID-19.
This trend is similar to the global management consulting market, which was worth $316.5 billion in 2021 and is projected to reach $811.3 billion by 2031, with an annual growth rate of 10.2 per cent.
By 2025, India’s consulting market is expected to grow to $24 billion, up from $7.8 billion in 2020. This fast growth is due to increased use of technology, more digital changes, and a higher demand for consulting in areas like cybersecurity, data analytics, and supply chain management.
What percentage of it is indulged in overseas countries? What is the growth rate for the domestic market and overseas market?
Economic challenges such as climate change, pandemic recovery, global conflicts, cybersecurity threats, supply chain issues, and emerging AI technologies have driven many companies to seek external consulting support. With specialised expertise often lacking in-house, businesses increasingly turn to consultants for assistance.
The consulting market in India is projected to expand notably, reaching approximately $24 billion by 2025, a significant increase from $7.8 billion in 2020. A considerable share of this growth is attributed to international business, with around 30-40 per cent of the revenue from clients outside India. This underscores the global impact and growing reputation of Indian consulting firms for their expertise and services.
Indian consultancy firms stand out from their counterparts in developed economies due to their professional expertise, cost-effectiveness, wide acceptance, adaptability, quick learning, strong interpersonal skills, focused strategies, and thorough business insight. Their expertise in multiple domains and understanding of local conditions also give them an advantage over international competitors.
The domestic consulting market in India is expanding at an annual growth rate of approximately 30 per cent. This growth is fueled by rising demand for consulting services in diverse sectors, including IT, healthcare, and financial services.
With an estimated annual growth rate of around 20-25 per cent, there is a significant expansion in global presence, especially in North America, Europe, and the Asia-Pacific region.
What are the main challenges in the consulting industry?
Indian consulting firms face several significant challenges in the current landscape. One major issue is the strong competition from larger global players, which necessitates a focus on specialised skills and unique offerings to stand out.
Firms must clearly define their areas of expertise to compete effectively. Additionally, client expectations have shifted towards seeking clear, data-driven results, posing a challenge for firms to balance these demands with practical solutions.
Technological advancements are also reshaping the industry, with the rise of free online consultations highlighting the need for firms to demonstrate the value of their paid services and stay updated with technological trends.
Economic uncertainties, both global and local, further complicate long-term planning and project budgeting, requiring firms to manage these fluctuations while maintaining high-quality service. Finally, the challenge of acquiring and retaining skilled consultants remains pressing, particularly with the increasing demand for expertise in emerging technologies. Consulting firms must invest in talent development and retention strategies to stay competitive in this evolving market.
From: financialexpress
Financial News
