January 17, 2026—FGS Global has acquired a public affairs and policy advisory vertical of CS Advisors (Chanakya Strategic Advisors), formerly part of the Spearkraft Group, for $28 million (approximately ₹230 crore), underscoring the premium global firms are placing on India-focused advisory capabilities that operate close to the state, as per a media statement.
Founded in 2021 by Soumyabrata Sengupta, CS Advisors functioned with a 20-member team and advised a select circle of chief ministers, cabinet ministers and senior bureaucrats. The acquired unit specialised in policy communication, stakeholder strategy and narrative design, a segment that has expanded alongside the professionalisation of political consulting in India.
The unit’s work, while commercially valued, has also drawn scrutiny. Commentators and civil society observers have noted that parts of its practice sat uncomfortably close to organised lobbying, even as India lacks a formal legal framework defining or regulating such activity. Some assignments associated with the firm were also criticised for historical revisionism, with detractors arguing that political messaging occasionally relied on selective framing of historical narratives. CS Advisors has maintained that its work was advisory, research-led and compliant with prevailing legal norms.
The firm was known for its distinctive internal culture. Its office, often compared to a Zoho-style workplace, projected a bureaucratic aesthetic but was powered by modern systems, data-driven processes and a flat hierarchy, prioritising discretion and execution over visibility.
Following the transaction, Sengupta has exited the acquired business. His cash takeaway is estimated at roughly $14 million. Hurun India Wealth Research, which had earlier valued his personal wealth at around $20 million, is expected to revise its estimate to approximately $34 million post-transaction.
The remaining research and social impact advisory arms of CS Advisors were not part of the acquisition.
