IC RegFin and Burgeon Law Merge, Creating 150-Strong Firm with ‘Capital Lifecycle’ Offering

NEW DELHI — In a significant consolidation within India’s legal market, financial services regulatory specialist firm IC RegFin Legal has merged with New Delhi-based Burgeon Law, a prominent player in the venture capital and private equity transactions space. The merger creates a combined entity of over 150 lawyers, including 22 partners, and establishes a formidable presence for the firm in India’s key financial and technology hubs.

The strategic integration sees Burgeon Law’s entire team of more than 25 lawyers, which includes five partners, joining IC RegFin Legal. As part of the merger, Burgeon Law's founder, Roma Priya, will join IC RegFin as an equity partner, taking on the dual roles of Senior Partner and National Head of Private Equity & Venture Capital Transactions. Tejesh Chitlangi will continue in his role as Managing Partner of the expanded firm, overseeing its pan-India operations from its Mumbai headquarters.

The move marks a pivotal expansion for IC RegFin, adding a New Delhi office to its existing locations in Mumbai, Bengaluru, and GIFT City, Gandhinagar. The firm has also signaled ambitious growth targets, aiming to expand to a 175-member team by the end of the 2025-26 financial year.

A Strategic Union of Regulatory and Transactional Expertise

The core rationale behind the merger lies in the complementary strengths of the two firms. IC RegFin has built a strong reputation for its financial services regulatory practice, with expertise in fund formation (including AIFs, mutual funds, and FPIs), capital markets regulatory matters, financial services litigation, and the intricate regulatory regime of IFSC GIFT City.

Burgeon Law, conversely, carved its niche by evolving from a boutique practice advising startups to a leading firm representing marquee onshore and offshore funds, family offices, and corporations in high-stakes transactions. Its focus has been squarely on the transactional side of the investment world.

This merger is designed to bridge the gap between these two crucial areas, creating what the firm’s leadership describes as a “true capital lifecycle offering.” Speaking on the strategic fit, Tejesh Chitlangi, Managing Partner of IC RegFin Legal, stated, “This merger supercharges our growth plans. Burgeon's VC–PE transactions practice fits supremely well with RegFin's focus on the entire financial services and investments space, giving clients a unified and seamless team with a true capital lifecycle offering – from fund formation and structuring to investments, regular corporate legal advisory and exits.”

This holistic approach aims to provide clients—ranging from fund managers and investors to high-growth portfolio companies—with a single, integrated team capable of advising them at every stage of their journey.

Leadership and Vision for the Future

The integration of leadership is a cornerstone of the merger. The appointment of Roma Priya as an equity partner and practice head underscores IC RegFin’s commitment to bolstering its transactional capabilities.

“With a seasoned, accomplished leader like Roma, we know we have got a specialist team that allows us to scale faster in high-growth sectors, while deepening our bench strength for complex, layered and multi-stakeholder transactions,” Chitlangi added. “I’m delighted to welcome Roma and her stellar team to RegFin, as we will continue to collectively accelerate the firm’s trajectory and shape the next chapter of our growth journey.”

Roma Priya, who founded Burgeon Law a decade ago, echoed this sentiment, framing the merger as the natural next step in her firm's evolution. “Building Burgeon has been a journey of immense hard work, purpose, and joy - and stepping into this next phase with RegFin is both exciting and energising,” she said. “I am fully aligned with RegFin and Tejesh, who is an inspiring and well-acclaimed industry leader, on their strong vision to build a future-ready firm that combines institutional strength with founder-style agility.”

This vision of a “future-ready firm” points to a model that retains the nimbleness and client-centric approach of a boutique practice while offering the depth, resources, and multi-disciplinary strength of a larger, institutional firm. The merger was facilitated by legal management consultancy Legal League Consulting, led by founder Bithika Anand and CEO Nipun Bhatiaa.

Analysis: A Sign of Market Maturation and Client Demand

The IC RegFin-Burgeon Law merger is more than just a combination of headcounts; it is a strategic response to the increasing sophistication of the Indian investment landscape. As private equity and venture capital funds become more institutionalized, their legal needs have grown more complex. They require counsel that not only excels in executing deals but also possesses deep domain knowledge of the regulatory frameworks governing fund structures, foreign investment, and capital markets compliance.

Historically, clients might have engaged a specialist regulatory firm for fund formation and a separate corporate law firm for M&A and investment transactions. This merger aims to eliminate that fragmentation. By offering an end-to-end service, the combined firm can provide more consistent advice, create efficiencies, and build deeper, long-term relationships with clients. This integrated model is particularly valuable for navigating complex, multi-stakeholder transactions where regulatory hurdles and transactional objectives are intrinsically linked.

For the broader Indian legal market, this move signifies a trend towards specialization and consolidation. Mid-sized firms with deep expertise in high-growth areas are increasingly looking to strategic mergers to scale rapidly, expand their geographic footprint, and enhance their service offerings. By combining IC RegFin's regulatory prowess with Burgeon's transactional firepower, the new entity is well-positioned to compete for high-value mandates in the private equity, venture capital, and broader financial services sectors, challenging both larger, full-service firms and smaller, niche boutiques.