CIEL HR, a recruitment and staffing solutions firm, is planning to acquire three companies in FY25 to fuel its inorganic growth ambitions and foray into newer markets.
“We have plans to acquire three companies in the areas of professional staffing, HR tech, and integrated facilities management (IFM). Of these, one company each will be in the West Asia, Southeast Asia, and India,” said K Pandiarajan, executive chairman, CIEL HR Group.
While addressing a press conference on Tuesday, Pandiarajan announced that CIEL HR has recorded a revenue of ₹1,086 crore in FY24, marking a 36% year-on-year increase from a topline of ₹799 crore in FY23.
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“We are very happy to announce that CIEL HR has achieved a significant milestone by surpassing ₹1,000 crore revenue in just nine years of its journey. This accomplishment underscores our sustained growth trajectory driven by a strategic mix of organic expansion and strategic acquisitions,” he added.
Prior to this, the company has acquired five companies for a total consideration of ₹50 crore. Pandiarajan said the company is looking to raise over ₹80 crore in a pre-IPO round to fund the planned acquisitions.
CIEL Group had earlier announced its intention to raise ₹500 crore via IPO by the third quarter of the current fiscal. Pandiarajan, however, did not comment on the IPO timeline, citing that the company is currently under a ‘silent period’.
Founded in 2015, CIEL HR offers a comprehensive range of human resources solutions, serving over 450 companies with temporary staffing solutions and assisting more than 3,000 companies with permanent hiring across diverse sectors such as manufacturing, IT, financial services, and infrastructure.
The company counts Zoho founder Sridhar Vembu, CavinKare founder chairman CK Ranganathan, and former Tata Sons Group CHRO NS Rajan as some of its investors.
From: financialexpress
Financial News
