CIEL HR Services rolls out digital vision plan to aggregate unorganised HR players

Chennai, Jan 24 (PTI) Human resources service firm CIEL has rolled out its digital vision plan to aggregate over 35,000 unorganised HR service providers and freelance professionals across the country, a top official said on Tuesday.

The company has planned to raise Rs 200 crore comprising 'private placement' of Rs 24 crore and the balance through 'private equity investments', CIEL Group and Ma Foi executive chairperson and director K Pandiarajan said here.

CIEL HR Services, in addition to the new digital platform, would leverage its network of 78 offices as part of this digital vision to improve the overall service quality to the employers in organised as well as formal employment space.

"This digital vision is in line with our overall vision of becoming a one-stop HR solutions provider for employers across the country. The second round of funding will help CIEL take a longer stride and stay committed to enhancing the image of Indian HR services industry in the world...Very large segment of HR services industry remains fragmented...," Pandiarajan told reporters.

CIEL HR Services declared its financial results for the quarter ending December 31, 2022 registering net sales of Rs 205.25 crore up by 67 per cent over same period of last year.

The operating EBITDA grew by 44 per cent during the quarter ending December 31, 2022 at Rs 1.47 crore.

"We have been registering a consistent growth in our overall performance all through April-December 2022 despite the headwinds faced by some sectors in our economy adversely impacting the hiring plans of our clients," company Managing Director and CEO Aditya Narayan Mishra said.

"Our revenues have grown by 67 per cent year-on-year which is more than three times of the industry growth. This second round of funding will help us aggregate the 35,000 unorganised small and medium sized entrepreneurs and create value for the entire staffing ecosystem...," he said.

According to company officials, the funds raised in the first round of private placement by strategic acquisition of a 76.33 per cent equity stake in Next Leap Career Solutions Pvt Ltd (Jombay).

"This acquisition is in line with its IPO plans, is part of its strategic vision to expand the technology offering in the HR services space," they said. PTI VIJ VIJ SS SS