MyCFO.in looking to raise PE funding, triple client base
Wealth Tree Partners, which runs the online CFO servicing business through MyCFO.in, is looking to raise capital from private equity funds next year, said a senior company official.
"We want
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to raise growth capital from a fund that has had experience of scaling services business and can help us expand. From next year, we want to start implementing our plans of offering specific products and industry vertical based services, for which we would require capital," said Deepak Narayanan, director, MyCFO. He declined to comment on the amount of capital it plans to raise. MyCFO is a two-and-a-half-year-old brand which started out by engaging with family owned businesses. But now its customer profile includes mid to large size Indian corporates, largely private equity-backed companies and Indian subsidiaries of multinational firms with sales turnover of $15 million to $ 300 million. Around three-fifths of the client base is PE/VC-backed companies.
MyCFO assists in performance measurement, budgeting, MIS, cash flow management, profitability improvement, business process improvement, risk management, forex management, IT implementation and general ownership of the finance function.
The company is looking at expansion by introducing specific products for different verticals to map management information system (MIS), cashflow filtering models and allied areas. Currently the company is working in eight cities, including Delhi, Gurgaon, Mumbai, Bangalore, Coimbatore, Noida, Ahmedabad, Chennai and Hyderabad. It is now looking to deepen its presence in Delhi and Bangalore in the coming year.
MyCFO generates revenue through three models—first is the long-term model where the company services clients for more than 12 months on a project; second is the interim model where the project lifespan is 6-12 months and third is a just a project level involvement. Currently, it has more than 85 clients as per its long-term model.
Narayanan said, "We plan to triple our client base from 86 at present and double the headcount in 18 months." The company currently has 100 people on its payroll.
(Edited by Joby Puthuparampil Johnson)
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