MARC: The Business Brain Behind India’s Small Cities

On a mission to empower MSMEs in Tier II and III cities with data-driven decisions!

India’s small towns are full of ideas. Stores that open before sunrise. Workshops that never close on time. Business owners who learn by doing, not by reading. But what many of these places lack is access to the right advice, to data that can guide them, and to people who understand their world.

Ashutosh Kharangate saw this up close during his years at PwC in Mumbai. While working in the due diligence division, he worked with several SMEs and family-run businesses across the country. The numbers told a clear story: these businesses were driven, full of energy, but often stuck when it came to scale or profitability.

Long before that, a short stint at Kineco in Goa had pulled him toward business analytics. It opened his eyes to how data could solve real problems. But life had other plans. A few years later, the sudden passing of his mother, Mangal, brought him back to Goa. That moment changed the direction of his life.

In her memory, he founded Mangal Analytics and Research Consulting Pvt. Ltd. (MARC) in 2010. It was not just a tribute. It was a mission to put Tier II and III cities on the global map for business advisory.

MARC stands for research that matters and guidance that fits the real world of small businesses. From its base in Goa, it helps clients across sectors make smarter decisions, grow sustainably, and feel seen.

For Ashutosh, every number tells a story. Every city has potential. And every business, no matter how small, deserves the chance to thrive.

Values That Build Long-Term Trust

Empathy and purpose shape the foundation of MARC’s identity. The firm recognizes that each client, especially MSMEs and family-owned businesses, follows a path formed by both professional ambitions and personal emotions.

Several guiding principles have earned MARC its position as a trusted consulting firm in a highly competitive industry:

• Listening deeply: The team invests time to understand real concerns, even when those concerns are difficult to articulate.
• Customization: Every engagement is carefully tailored to fit the specific requirements of each client.
• Glocal approach: Local research is blended with global insights, helping businesses grow within their regions while remaining globally competitive.
• Trust and transparency: Clear communication, ethical conduct, and hands-on support allow clients to see MARC as long-term allies rather than short-term advisors.

These principles continue to guide the firm’s work, helping clients feel understood, supported, and empowered throughout their journey.

Solving Route Viability for Aviation Growth

One recent example reflects how MARC’s values translate into action. MARC was engaged by a client in the aviation sector seeking clarity on the viability of two proposed air routes. The objective was to assess the demand-supply gap and provide a clear, data-backed recommendation.

To begin, the team explored alternate travel options available to passengers, including trains, buses, and cars, to understand current preferences and convenience factors. A detailed examination followed, focusing on various air travel choices, including nonstop and one-stop flights. They studied pricing trends, historical traffic data, and upcoming developments that could influence demand.

A SWOT analysis served as a crucial step, allowing the team to map the strengths, limitations, opportunities, and potential risks for each proposed route.

The outcome was a clear recommendation. The team pinpointed the more suitable route by evaluating passenger demand patterns, sensitivity to pricing, and expected growth. They also advised the client on how often the flights should operate to strike a balance between profitability and passenger satisfaction.

A Structured Path to Sustainable Growth

Building on such projects, MARC follows a structured approach that connects insight to execution. Their recommendations are rooted in measurable return on investment and long-term value. By integrating market research, analytics, and growth advisory into a single framework, MARC ensures every client decision is informed and forward-moving.

• MR offers a deep understanding of the market landscape.
• Analytics converts market trends and internal performance into actionable insights.
• GA helps create and implement long-term strategies such as SOPs, organizational restructuring, and even M&A readiness.

This layered approach ensures that clients evolve with stability and direction, rather than relying on temporary solutions.

Building Trust Through Listening and Understanding

While structure and strategy provide a foundation for growth, MARC believes that trust is what sustains it. Many of the clients they work with are first-generation entrepreneurs or members of family-run businesses, where emotions often influence business decisions.

The team invests time in understanding both the emotional landscape and the operational structure of each business. By assessing the team’s education, level of exposure, and existing limitations, they tailor their recommendations to be both aspirational and practical.

To strengthen this trust, they maintain open communication, offer regular updates, and provide clarity at every stage of the process. This approach helps create a foundation for long-term, meaningful relationships with clients.

Adapting to New Markets and Smarter Tools

Building on this foundation of trust, MARC has expanded its focus to include Tier 2 and Tier 3 cities, recognising the strong potential for growth in these often-overlooked markets. This shift reflects a deep understanding of where clients are today, and where they want to go.
The team places strong emphasis on upgrading sectoral expertise, especially in emerging micro sectors such as electric mobility, healthtech, and agritech.

To enhance both data capture and forecasting accuracy, the firm uses AI and machine learning tools as part of its core consulting approach.
In addition, the firm is building its own fintech platform, Bizpally.com, with the goal of helping small and medium-sized enterprises become financially informed and confident in making business decisions.

Upholding Ethics During High-Stakes Deals

As the firm deepens its reach into new markets and technologies, one thing remains constant: its commitment to ethical consulting. During a recent merger and acquisition transaction, MARC represented the buy-side. In a critical moment, the sell-side made a request that tested professional boundaries.

The response was swift, respectful, and clear. Leadership informed the client immediately and facilitated a joint meeting with both parties. This conversation made it evident that such behaviour would find no place in the process. Ethics were upheld, and the deal moved forward with clarity and dignity.

To safeguard against similar incidents, the firm follows a clear chain of reporting. Regular internal reviews are conducted, and strict protocols are in place to guide client communication.

Metrics That Shape Smarter Business Decisions

In line with its strong ethical foundation, the firm also brings a sharp focus on measurable impact. MARC evaluates client success through key indicators such as financial health, operational efficiency, and future growth potential. Internally, teams are assessed by how effectively they solve problems, ensure client satisfaction, and maintain delivery standards.

This was explained with an example from a financial due diligence project. A client was looking to acquire a 60% stake in an instrumentation company. During the review, MARC’s team identified crucial adjustments in the financial statements. These findings led to a major shift in the company’s valuation. As a result, the client was able to negotiate stronger terms and prepare a more effective post-acquisition roadmap.

This example shows how the company’s defined metrics directly influence outcomes and add real value to both the client and the internal team.

Turning Resistance into Trust

With a strong emphasis on measurable outcomes already in place, the company approaches change management with the same clarity and structure. When clients are hesitant to shift long-standing practices, MARC turns to the 3-6-9-12 model, a central element of their Growth Advisory services.

Rather than introducing major changes all at once, the model guides transformations one department at a time. This phased method allows clients to experience early, visible wins, which gradually build their trust. As confidence grows, so does their willingness to explore broader changes.

Through this process, change begins to feel less like a disruption and more like a path toward growth.

When Strategy Shifted to Insight

MARC once worked with a client who believed shifting market dynamics had rendered their product irrelevant. Convinced that demand had declined, they approached MARC ready to explore entirely new markets.

However, upon conducting thorough research, the team discovered a different reality. The product continued to show strong demand in the market. The core challenges were elsewhere: low distributor engagement, weak branding, and a limited marketing presence.

With these findings, the team decided to pivot from the initial objective. Instead of entering new markets, they conducted a process audit and restructured the client’s internal operations. This included refining the branding strategy and strengthening distributor relationships to improve market alignment.

The client welcomed this shift with relief and expressed appreciation for the honest and data-supported guidance. The redirection brought clarity, and the client’s trust in the team deepened as a result.

Projects to Partnerships

While many of MARC’s engagements are structured around specific projects such as feasibility studies or due diligence, the larger goal is to build lasting relationships rather than merely deliver outcomes. Clients return because they appreciate the consistency, integrity, and tailored approach his team brings to every engagement. The firm is also growing into long-term retainer models, covering areas like ERP implementation, systems setup, and close guidance for M&A preparedness. This shift is helping transition one-time clients into lasting partnerships.

Building Leaders Who Think Like Entrepreneurs

MARC seeks individuals who aspire to make a meaningful impact. The firm values candidates who display passion, curiosity, and a daily commitment to learning.

The firm values its team members’ flexibility, problem-solving skills, and a willingness to step beyond their comfort zones. Continuous skilling is central to the culture, supported by internal cross-learning and external certifications.

MARC believes in nurturing leadership that combines entrepreneurial thinking with a strong sense of integrity.

MARC’s Vision for 2025

According to MARC, the most promising opportunity in the consulting domain for 2025 lies in Tier 2 and Tier 3 regions across India, as well as in the global market for outsourced analytics and advisory services. The primary challenge, however, is the intense competition posed by established global consulting giants.

To address this, the company is taking several strategic steps:

• Strengthening internal processes and delivery mechanisms
• Investing in tech-driven platforms such as Bizpally
• Collaborating with international partners
• Expanding MARC GLOCAL INC., its U.S.-based subsidiary

The company envisions transforming Goa and India into a leading hub for consulting and business analytics outsourcing. It has set an ambitious goal to create over 2,000 jobs within the next three years.

Ashutosh Kharangate firmly believes that the vision of building a global consulting brand from the backwaters of Goa is no longer an aspiration. It is already becoming a reality. And in his words, MARC is just getting started.