Uniqus Seeks $20 Million in Series C Funding Round
Rapid Growth at the Forefront of ESG Services
Mumbai: US-based professional services firm, Uniqus, is currently in advanced negotiations to secure $20 million (approximately ₹172 crore) in its Series C funding round. This initiative has attracted substantial interest from notable global investors, including Bessemer, Accel, Lightspeed, Peak XV, WestBridge, and Norwest, along with ongoing support from current investors.
Targeting a Strong Valuation
The fast-growing firm aims to achieve a valuation between $200 million and $250 million in this Series C round. Current investors such as Nexus Venture Partners and Sorin Investments are expected to join the funding efforts, as revealed by sources familiar with the discussions, who requested to remain anonymous.
Previous Funding Rounds
Uniqus recently completed a Series B funding round in March 2024, which valued the company at $100 million. This rapid growth trajectory signals a strong market presence and investor confidence in the firm’s potential.
Founders with Strong Credentials
Founded in 2022, Uniqus was established by industry veterans Jamil Khatri, former head of audit at KPMG, and Sandip Khetan, ex-chief of Financial Accounting Advisory Services at EY. They successfully positioned Uniqus as the first Indian professional services firm to attract investment from private equity firms.
Focus on ESG Accounting
Uniqus specializes in environmental, social, and governance (ESG) accounting and consulting services, aligning itself with a rising global trend that emphasizes sustainability and responsible business practices.
Global Trends in Private Equity
In recent years, private equity firms have shown increasing interest in professional services companies across the globe. Notable partnerships include Grant Thornton UK with Cinven, Baker Tilly US with Hellman & Friedman, and Citrin Cooperman with Blackstone.
A Rapidly Growing Workforce
Demonstrating impressive growth, Uniqus reached a break-even point in just 2.5 years. The firm now employs 550 professionals, including 60 partners and directors, across its 11 offices located in India, the UAE, the United States, and Saudi Arabia.
Plans for Expansion
According to insights from a funding source, Uniqus intends to utilize the new funds to explore market expansion into countries such as Canada, Kuwait, Oman, and Singapore. The company also plans to enhance its artificial intelligence (AI) capabilities.
Historical Context of Funding
In its initial Series A round in 2022, Uniqus successfully raised $13 million, with Nexus and Sorin being the first to invest. This round was conducted at a post-money valuation of $50 million, leading to a 25% dilution for the business.
Outlook on Future Growth
As Uniqus continues to scale, the firm’s commitment to ESG consulting underpins its mission to meet growing market demands. The support from prominent investors will likely strengthen its position in the industry.
Challenges and Opportunities Ahead
While challenges exist in a competitive landscape, Uniqus’s unique focus on ESG services offers significant opportunities for growth and innovation in the sector.
Conclusion
With the upcoming Series C funding round, Uniqus is poised to solidify its place in the professional services arena, leveraging both its financial backing and strategic focus on ESG initiatives for sustained growth and impact.
Frequently Asked Questions
-
What is the primary focus of Uniqus?
Uniqus specializes in environmental, social, and governance (ESG) accounting and consulting services.
-
Who are the key investors in Uniqus’s Series C funding round?
Key investors include Bessemer, Accel, Lightspeed, Peak XV, WestBridge, Norwest, and existing investors like Nexus Venture Partners and Sorin Investments.
-
When was Uniqus founded?
Uniqus was co-founded in 2022 by Jamil Khatri and Sandip Khetan.
-
What valuation is Uniqus aiming for in its Series C round?
Uniqus is seeking a valuation between $200 million and $250 million for its Series C round.
-
How many employees does Uniqus have?
Currently, Uniqus employs around 550 professionals across its offices worldwide.
