CIEL Group, a leading human resource solutions provider, capped off a strong Q3 with a 33 per cent year-on-year revenue growth, surpassing Rs 783 crore. The company is now set to tap the capital markets, aiming for a Rs 500 crore IPO in the second half of 2024.
CIEL’s strategic focus on HRTech platforms and professional staffing acquisitions is paying dividends. The company’s annualised revenue run-rate now sits at Rs 1,200 crore, 2.5 times the industry average. This Q3 also saw CIEL raise Rs 16 crore through a private placement, fuelling further inorganic growth plans.
The strategic move towards an IPO includes pre-IPO funding of around Rs 150 crore, with Rs 120 crore allocated for acquiring three companies.
K Pandiarajan, executive chairman, CIEL Group, highlighted the financial achievements, stating, “The financials of Q3 FY24 is a testament to the resilience and adaptability of CIEL Group.” The company has successfully raised over Rs 16 crore through a private placement round, paving the way for a successful IPO in 2024.
CIEL’s focus on strategic acquisitions in HRTech platforms and professional staffing has propelled its growth, with the group’s contribution from HRTech and Consulting increasing to 41 per cent of the overall portfolio, compared to 9 per cent a year ago.
Commenting on the performance, Pandiarajan says, “The financials are a testament to our resilience and adaptability. Acquisitions such as Aargee Staffing and Jombay’s 64 per cent growth highlight our success. These achievements, combined with pre-IPO funding, set the stage for a successful offering in 2024.”
Aditya Mishra, MD and CEO of CIEL HR, commented on the positive outlook, saying, “The successful completion of a private placement round during the quarter has strengthened our company’s inorganic growth plans. Additionally, our pre-IPO fund-raise efforts pave the way for our further growth as we move towards our IPO.”
