CIEL HR Services plans to raise second round of private placement for ₹24 Crores
Announced its digital vision for aggregating the unorganized HR players
Bengaluru, January 24, 2023: CIEL HR Services, one of the Top 10 HR Services companies in India today announced its digital vision to aggregate 35,000 plus unorganized HR service providers and freelance HR professionals across nook and corner of the country. The company announced that they are raising Rs. 200 Crores comprising a round of private placement of Rs. 24 Crores and the balance through private equity investments.
Further, the company has said that they have successfully deployed the funds raised during the 1st round of private placement by strategic 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 large network of 78 offices as part of this digital vision to improve the overall service quality to the employers in organized as well as formal employment space thus, creating a seamless workforce landscape in the country. This digital platform launch is yet another mission similar to the recent slew of purpose-driven service launches such as CielJobs.com, ProSculpt, HfactoR, Jombay and CIEL Rapid.
Commenting on the occasion, K Pandiarajan, Executive Chairperson and Director - Ma Foi Group & CIEL Group, said, “This digital vision is in line with our overall vision of becoming a one-stop HR solutions provider for employers across the country. I congratulate the team for the successful integration of Jombay and for continuing the organic growth journey. 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.”
Adding to this, Aditya Narayan Mishra, Managing Director & CEO - CIEL HR Services, said “We have been registering a consistent growth in our overall performance all through April-Dec 2022 despite the headwinds faced by some sectors in our economy adversely impacting the Hiring plans of our clients. 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 unorganized 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 5 players in the HR Services segment”.