Our goal is to reach up to $500 million in revenue within the next 5-6 years: Jamil Khatri, co-founder, Uniqus Consulting

Uniqus Consulting — co-founded by Jamil Khatri and Sandip Khetan in 2022 — is aiming to set itself apart from traditional consulting firms by leveraging artificial intelligence (AI), seamless cross-border operations, and strategic collaborations. A key differentiator for Uniqus is its global, tech-enabled approach, leveraging AI to enhance productivity in areas such as finance transformation, risk management, and Environmental, Social, and Governance (ESG) reporting.

In an interview with Moneycontrol, Khatri shared his insights on the unique model of Uniqus, its growth plans, AI-driven innovations, and how the company is shaping the future of consulting business.

Edited excerpts from the interview:

What prompted the launch of Uniqus, and what are its primary focus areas?

Khatri: Uniqus was founded in late 2022 with a mission to approach consulting differently. My co-founder, Sandip Khetan, and I wanted to move away from the generalist model and go deep in a few select areas. We chose four key areas: finance and accounting, risk and controls, ESG and climate change, and technology.  The technology play was focused on the finance, risk, and sustainability functions. This specialisation allows us to offer a depth of expertise we felt was lacking in the broader consulting space.

What’s unique about your approach, as compared to traditional consulting firms?

Khatri: Uniqus is designed to be truly global. Many consulting firms remain nationally focused, with each branch operating in its own way depending on the country. However, our clients have global needs. So, we structured Uniqus to operate seamlessly across borders. We are also heavily tech-enabled, integrating technology, especially AI, to enhance consulting work rather than relying solely on manpower. We also avoid regulated audit work to eliminate any potential conflicts of interest.

Could you elaborate on how technology, especially AI, plays a role in your line of business?

Khatri: Technology is embedded across our work areas. For example, in finance transformation, we combine technology with our functional expertise to streamline processes. We are also focused on tech-driven risk management, like AI governance and data privacy. We are also exploring AI applications in analytics for finance and risk. We aim to help companies deploy practical AI use cases, especially newer technologies, rather than legacy systems. Finally, we have our own suite of reporting, risk and ESG products that build of our deep functional and technology skills.

In the competitive consulting landscape, how does Uniqus position itself against established firms?

Khatri: In around 70 per cent of our work, we compete directly with the Big Four such as Deloitte, PwC (PricewaterhouseCoopers), EY (Ernst & Young), and KPMG in areas like accounting advisory, risk, and technology consulting. However, when it comes to sustainability strategy and climate risk, we also compete with strategy firms such as McKinsey and Accenture. For technology work, we sometimes go up against tech services companies, especially in analytics, where our functional expertise in finance and risk gives us an edge.

What is the vision for your growth and potential listing plans?

Khatri: Uniqus has a scalable business model. We are focusing on growth in markets like the US, the Middle East, and India. Our goal is to reach up to $500 million in revenue within the next 5-6 years, achieved through both organic growth and strategic acquisitions. Our intention is to eventually list the company, and while we’re incorporated in the US. We are open to evaluating options like listing in India.

What types of clients are you attracting in different markets?

Khatri: Each market is distinct. In India, we work with large corporations and emerging growth companies, particularly those preparing for IPOs (initial public offerings). In the Middle East, our clients are primarily large corporations, including major banks, telecom companies and infrastructure projects. In the US, we focus on start-ups and large companies looking to leverage India’s cost advantages for compliance and advisory work. In the Middle East and India, demand is fresh due to regional growth, whereas, in the US, we are often replacing incumbents due to our differentiated approach.

 Within technology consulting, what specific areas does Uniqus emphasise?

Khatri: We concentrate on four technology areas. First, we integrate technology within functional transformations, such as finance. Second, we specialise in risk, including cyber governance and AI risk. Third, our focus is on finance and risk analytics. Finally, we aim to work with newer technologies such as AI to address challenges many companies face today.

What practical applications of AI are you exploring?

Khatri: AI has vast potential for streamlining business processes. For instance, we have developed an AI tool called UniQuest, which is built on ChatGPT but tailored for financial reporting. It provides customised insights into finance departments, differentiating from general AI tools with its deep financial knowledge. We are also exploring how AI can help transform raw data into comprehensive financial reports while benchmarking policies against industry peers.

How can AI enhance productivity in tasks such as forecasting and business planning?

Khatri: AI can streamline processes such as forecasting and reconciliation by using a mix of public data, client information, and internal trends. For instance, AI models can analyse past sales trends, client data, and order book information to make more accurate revenue projections, which in turn enables better workforce and resource planning.

Is it possible to create a standardised AI solution for these business processes, or will human intervention always be necessary?

Khatri: While templated AI solutions are valuable for scalability, human intervention is often required to address the unique complexities of each client. Solutions range from standardised platforms to more tailored systems that integrate company-specific data, ensuring flexibility to meet diverse client needs.

What challenges do large consulting firms face with finance transformation projects?

Khatri: Large firms often have siloed departments such as finance, risk, and technology, which can limit effective cross-departmental collaboration. This segmentation can hinder integrated finance transformation efforts. In contrast, smaller or more agile consulting firms, with fewer internal barriers, are often better equipped to deliver transformation services.

How do strategic collaborations enhance consulting capabilities?

Khatri: Collaborations, like the one we have with WNS, combine consulting and outsourcing expertise, filling in each partner's skill gaps. These alliances enable the firms to offer clients holistic solutions that include both high-level consulting and operational outsourcing, providing a well-rounded transformation experience.

How does your organisation attract and retain top talent in the consulting field?

Khatri: We focus on creating a unique work environment where employees feel a strong sense of ownership, supported by equity options for senior staff. Our employees benefit from specialisation, fewer conflict-of-interest restrictions compared to larger firms and enjoy seamless global work opportunities, all of which contribute to a more fulfilling career experience.

In a domain such as ESG, why does the focus often lean toward the environmental aspect?

Khatri: The environmental aspect is typically easier to quantify with goals like emissions reduction and net-zero targets. However, the social component is gaining traction, especially in regions like the Middle East, where goals include increasing gender participation, enhancing job opportunities, and addressing social justice issues.

How does governance (the “G” in ESG) fit with environmental and social metrics?

Khatri: Governance is somewhat distinct from environmental and social aspects, as it revolves around corporate culture, compliance, and ethical standards. While measurable, governance has a different focus, making it more challenging to integrate directly with environmental and social targets.

As the CEO of the company, what are the primary focuses of your role?

Khatri: My role centers on communicating our unique proposition internally and externally, managing relationships with investors and key clients, developing company culture, mentoring our leaders, expanding our new business areas, and collaborations. Now, I am focusing on driving our mergers and acquisitions strategy to support future growth.