CIEL HR to Raise Rs 82 cr for Acquisitions: Pandiarajan

Chennai, Jul 2 (PTI) Human resources and staffing solutions firm CIEL Group has plans to raise about Rs 82 crore during the current financial year to fuel its acquisition plans.

The city-based company's Executive Chairperson K Pandiarajan on Tuesday said it has reported more than the industry growth, to register revenues of Rs 1,086 crore, breaching the Rs 1,000 crore mark, during the financial year 2023-24.

Citing a report by an independent brand valuation consultancy firm BrandFinance, he said it has valued the CIEL Group Brand for USD 30 million of about Rs 250 crore.

"In its India 100 by Brand Value study (undertaken by BrandFinance), CIEL HR was recognised for its brand strength. The study assigns a brand strength rating of AA and a brand value of USD 30 million (about Rs 250 crore)," Pandiarajan told reporters.

"CIEL is the fastest growing tech-led HR solutions company. We believe we are in unique position.. CIEL HR growth rate was 54 per cent as against industry growth of 14 per cent," he said.

On revenues, he said, "we are very happy to announce that CIEL HR has achieved a significant milestone by surpassing Rs 1000 crore revenue in just nine years of its journey(established in 2015). This acquisition underscores our sustained growth trajectory driven by a strategic mix of organic expansion and strategic acquisitions."

For the financial year 2022-23, CIEL HR Solutions registered a topline of Rs 799 crore.

Pandiarajan said the company was looking at entering Middle East and South East Asian markets through acquisitions this year.

"We have plans to acquire three companies engaged in EPC (Engineering, Procurement and Construction) staffing, IT (information technology) staffing and HR Tech and IFM..We are talking to few companies. Two companies are based out of Middle East which will help us enter into that market while the other company is an Indian company, " he said.

To a query, he said the company plans to raise Rs 82 crore for the three acquisitions planned this year. Last year, the company raised about Rs 50 crore and had acquired five companies.

CIEL Group Director Latha Pandiarajan said since its inception in 2015, the company had crossed revenues of Rs 200 crore in 2018, and Rs 300 crore in 2021.

On the company's proposed plans to issue Initial Public Offering (IPO), Pandiarajan refused to comment stating the company was under 'silent period'.

To another query, he said Karnataka, Tamil Nadu, Maharashtra and Gujarat were contributing majority of the revenues to the company.