CIEL HR Services to raise Rs24 crore in private equity funds
CIEL HR Services has announced its digital vision to aggregate more than 35,000 unorganised HR service providers and freelance HR professionals from across the country.
The company announced that they are raising Rs. 200 crore comprising a round of private placement of Rs. 24 crore and the balance through private equity investments.
Further, the company has said that they have successfully deployed the funds raised during the first round of private placement by acquisition of a 76.33% equity stake in Next Leap Career Solutions Private Limited (Brand name: Jombay).
This acquisition, in line with its IPO plans, is part of its strategic vision to expand the technology offering in the HR services space.
In addition to the new digital platform, CIEL HR services will leverage its network to improve the overall service quality to the employers in organised as well as formal employment space thus, creating a seamless workforce landscape in the country.
Commenting on the occasion, K Pandiarajan, Executive Chairperson and Director, Ma Foi Group & CIEL Group, said, “The 2nd round of funding will help CIEL take a longer stride and stay committed to enhancing the image of the Indian HR services industry in the world by launching innovative digital models to benefit both the job creators and the job seekers alike.”
Commenting on this, Aditya Narayan Mishra, Managing Director & CEO, CIEL HR Services, said “Our revenues have grown by 67% YoY, which is more than 3x of the industry growth. This second round of funding will help us aggregate the 35k unorganised small and medium-sized entrepreneurs and freelancers and create value for the entire staffing ecosystem, strengthening our digital initiatives and further establishing our leadership position in India’s top five players in the HR Services segment”.