IPO Advisory · Startup Consultancy
Building India’s
next listed companies.
I’m an IPO advisor and startup consultant. SME & mainboard IPO on BSE / NSE, debt syndication, foreign incorporation (US · UK · UAE · SG), and the full capital stack — pre-seed to the opening bell.
IPO, startup, fundraising, debt and virtual CFO — what I personally run. Tax, FEMA, audit, valuation and incorporation flow through DRSPV & Associates.
From pre-seed founders to listed promoters.
“Not a portfolio site. An actual practice.”— Vraj Changani
IPO · Startup · Debt · Foreign · CFO · more.
Mumbai · Bangalore · Ahmedabad · Rajkot · Jamnagar.
India · UAE · US · UK · Australia.
“Most CAs give you compliance. Vraj gives you strategy — he understood our business model in one call and delivered a roadmap we still follow.”
Founders don’t stall on this desk.
IPO advisory and startup consultancy — the two practices at the centre of what I do. Everything else is in service of those.
I'm Vraj Changani — Vrajkishor R. Changani, known online as Unstoppable VK. A Chartered Accountant based in Mumbai, I focus on two things: taking SMEs and mid-market companies public, and consulting with founders from incorporation to Series B. Managing Partner at DRSPV & Associates, where I lead the IPO consultancy and startup advisory practice.
IPO advisory is the core of what I do. SME IPO on BSE and NSE Emerge, mainboard listings on the main exchanges — DRHP drafting, SEBI ICDR compliance, merchant banker coordination, and the 12-to-18-month roadmap that turns a promoter-driven SME into a listed company. The startup consultancy runs parallel — incorporating right, raising right, and keeping the cap table clean enough that a future IPO is still on the table five years out.
A growing part of the practice is cross-border setup. We handle US (Delaware C-Corp and LLC), UK (Companies House Ltd), Dubai / UAE (DMCC, IFZA, DIFC, ADGM freezones and mainland), and Singapore incorporations for Indian founders — end-to-end, including the ongoing FEMA, ODI, RBI, Companies House, IRS, and UAE corporate-tax compliance that most founders underestimate until they trip over it.
Everything else — tax structuring, audit, valuation, virtual CFO — is in service of those engagements. Finance, cleanly executed, so the company actually reaches the exchanges.
Core practice areas.
Tap any card to expand. Startup consultancy and IPO advisory lead — fundraising, debt, and compliance support those two.
From incorporation to the
opening bell.
Six stages, five years, hundreds of decisions. The work in years one and two is what makes years four and five possible.
Incorporation
- Pvt Ltd / LLP
- DPIIT
- Cap table v1
Build phase
- MIS · Audits
- Tax structure
- ESOP design
Equity raises
- Seed → Series B
- Term sheets
- Cap table hygiene
Pre-IPO
- Restructuring
- Promoter lock-in
- Bonus issues
DRHP filing
- DRHP drafting
- Merchant banker
- SEBI ICDR
Listing day
- Anchor book
- Allotment
- Opening bell
Six things I’m not going to change.
The non-negotiables — how every engagement is structured and what you can expect from the first call through delivery.
- 01
One-pager memo over fifty-slide deck
If I can't write my recommendation on one page, I haven't understood it yet. You get written memos — what to do, what to leave alone, what it costs, what I'd do myself.
- 02
Long before short
I'd rather spend a first call saying this is the wrong time to do the thing you asked about, than sell you the engagement. The long-term compound is in the relationships I turn down, not the ones I take.
- 03
Prices on the table
No “custom proposals”, no hourly billing roulette. Scope is agreed, number is agreed, invoice is agreed — before we start. If the scope grows, we re-agree before we continue.
- 04
The firm is the bench
Every engagement I personally run is backed by the full DRSPV team — tax, audit, FEMA, valuation, secretarial. Nothing falls between the cracks because I don't know the person on the other desk.
- 05
No templates
Your business isn't a template case. Your pitch deck, your financial model, your cap table, your DRHP section — everything is written for your company from the data up. Templates are cheap; getting them wrong is expensive.
- 06
Slow in the week before signing
Term sheets, DRHPs, definitive agreements — these get slower deliberately. The three hours you save by rushing are the twelve months you spend fixing what the rush missed.
US, UK, Dubai, Singapore — incorporated and kept compliant.
We incorporate foreign entities for Indian founders and run the ongoing compliance stack so you don't trip over it later. One team handling the Indian side (FEMA, ODI, RBI, FC-GPR) and the foreign side (Delaware, Companies House, UAE FTA, ACRA) — so nothing falls between the cracks.
United States
Delaware C-Corporation / LLC
- Incorporation, EIN, registered agent
- Banking (Mercury, Brex) & founder stock
- 83(b) elections, IRS filings, franchise tax
- Annual reports & ongoing US compliance
United Kingdom
Companies House Private Limited
- Companies House incorporation (£12 gov fee)
- Registered office & company secretary
- Corporation Tax, VAT registration
- Confirmation statement & statutory accounts
Dubai / UAE
DMCC · IFZA · DIFC · ADGM · Mainland
- Freezone or Mainland — right jurisdiction match
- Trade licence, visas, Emirates ID
- Corporate bank account (EBL, RAK, Mashreq, WIO)
- 9% corporate tax filing & FTA registration
Singapore
ACRA Private Limited
- ACRA incorporation with nominee director
- DBS / UOB / OCBC bank account setup
- Annual return, XBRL filings
- 17% corporate tax with SUTE exemptions
Ongoing compliance included: Annual returns, statutory accounts / audit, tax returns, transfer pricing, bank KYC refreshes, registered agent / office, and India-side FEMA / ODI / APR filings. One invoice, one point of contact.
Foreign incorporation detailsThree steps.
One real plan.
No templates. No forty-slide proposal decks. No discovery-call theatre. A short note from you, a 30-minute call, and a written plan on one page — everything after that is execution.
A short note
Email or the contact form. Two or three sentences is plenty — tell me what's actually on your mind.
30-minute call
We talk. I ask the five questions that usually matter more than the fifty on any standard engagement brief.
One-page memo
You get a written plan — what to fix, what to leave alone, what it costs, and what I genuinely think you should do.
Most first conversations end with “don’t do this yet” or “do this, not what you asked about”. That’s usually the highest-leverage thing you hear that week.
Start a conversationPre-seed founders, listed promoters, and everything in between.
Every engagement run personally, with the full DRSPV bench behind the scenes when scale is needed. The work flexes to the stage — the standard doesn’t.
- ICAI Registered
- IBBI Registered Valuer
- DISA Certified (ICAI)
- 12 Practice Areas
- 500+ Businesses Advised
- 5 Cities · 5 Countries
What founders say,
unedited.
6 verified client testimonials. Drawn from engagements completed between 2023–2026.
Vraj didn't just help us raise capital — he rewired how we think about our finances. Every founder scaling past Series A needs someone like him in the room.
Our SME IPO felt impossible until DRSPV mapped the entire journey. Vraj personally coordinated with merchant bankers, SEBI filings, and our board — flawlessly.
As an NRI founder, cross-border compliance was a nightmare. Vraj made FEMA and DTAA feel simple. He thinks three moves ahead — every time.
We engaged Vraj as a Virtual CFO for 18 months. MIS, cash flow, board-level reporting — he ran it like it was his own company. Rare to find that level of ownership.
Vraj restructured our entire tax strategy before our fundraise. Saved us months of rework later. The kind of advice that compounds.
Most CAs give you compliance. Vraj gives you strategy. He understood our business model in one call and delivered a roadmap we still follow.
Written, published,
referenced.
Long-form analysis on IPO advisory, startup fundraising, debt syndication, foreign incorporation and capital markets — every article cites the SEBI, RBI, MCA or jurisdictional source it’s built on.
ESOP Structuring for Indian Startups: Grant to Exit
How to design an ESOP scheme that survives — pool sizing, vesting, Section 17(2) tax, RSU vs options, and the seven mistakes founders make in year one that cost employees lakhs by year five.
Read articlePre-IPO Structuring: The 18 Months Before Filing
Bonus issues, share splits, promoter lock-in, ESOP cleanup, related-party purges — what actually happens between the board decision to list and the DRHP filing. A practical timeline for SME and mainboard candidates.
Read articleSAFE vs CCD vs Priced Round: A Founder's Choice
Convertible notes, SAFEs, CCDs, CCPS, priced rounds — the real differences in dilution, tax, control and FEMA. When each one is the right answer, and the three structural traps to avoid in your first round.
Read articleBSE SME vs NSE Emerge: Which Platform to List On
Eligibility, costs, post-listing liquidity, lot sizes and the practical differences — a CA's framework for choosing between BSE SME and NSE Emerge for your SME IPO.
Read articleKeynotes & panels.
Open to speaking at founder events, industry conferences, university programmes and podcast interviews.
- 01The SME IPO Playbook
- 02Founder → Listed CEO
- 03Startup Fundraising, Without the Mistakes
- 04India's Capital Markets for Founders
- 05Debt Syndication for Mid-Market
- 06LLP vs Pvt Ltd — A Founder's Choice
Available for expert commentary on SEBI, SME IPO trends, fundraising and capital markets.
Invite to speak / interviewDRSPV
& Associates
Chartered Accountants · Est. 2023
As Managing Partner at DRSPV & Associates, I lead a full-service Chartered Accountancy firm serving 500+ clients across India and internationally. Our team brings deep expertise in tax advisory, audit & assurance, GST compliance, IPO consultancy, FEMA advisory, and virtual CFO services. When an engagement needs the full weight of a firm, this is the bench I draw on.
On-ground in five cities.
Mumbai to Saurashtra.
Mumbai is the primary office (BSE, NSE, SEBI within a 15-minute radius). Ahmedabad, Rajkot, and Jamnagar are where most of the SME IPO mandates originate — the Saurashtra manufacturing belt and Gujarat’s family-business ecosystem are at peak IPO-readiness right now. Bangalore for VC-backed SaaS.
Mumbai
Maharashtra
Primary office · BSE · NSE · SEBI
Ahmedabad
Gujarat
Pharma · Chemicals · GIFT City
Rajkot
Gujarat · Saurashtra
Engineering · SME IPO ready
Jamnagar
Gujarat · Kathiawar
Brass · Maritime · Petroleum
Bangalore
Karnataka
SaaS · VC · Series A–C
What founders ask,
before the first call.
If your question isn’t here, send me a short note.
- Vraj Changani (full name Vrajkishor R. Changani, known online as Unstoppable VK) is a Chartered Accountant based in Mumbai, India. He is Managing Partner at DRSPV & Associates, specializing in startup advisory, fundraising, SME & mainboard IPO consulting, capital markets, and SEBI compliance.
Three sentences is enough.
Tell me what’s actually on your mind. I read every note and reply within 2 working days.