CIEL in final talks to close 200 cr funding

Chennai: MaFoi Pandiarajan-owned HR solutions firm CIEL Group is in advanced stages of closing Rs 200 crore in funding from private equity (PE) players in the run up to its IPO in “the third or fourth quarter” of financial year ended March 2024.“This investment aligns perfectly with our IPO plans and reflects our strategic vision to expand our technology offering in the HR services space. We will acquire four new entities within the current fiscal year, utilising a substantial portion of the raised funds for these strategic acquisitions,” K Pandiarajan, chairperson of CIEL Group, said. The funds will be used for new acquisitions, to support growth of the group’s digital properties (CIEL Jobs, HFactoR, ProSculpt, Jombay, and CIEL Rapid) and for the company's general expansion needs, he said.CIEL grew revenue 37% YoY in the April-June quarter at Rs 236 crore. Revenue generated from consulting and HR technology lines of business constitute 35% of the Group’s overall revenue. EBITDA grew from 1.3% in the same quarter last year to 2.2% in April-June 203. CIEL services over 400 companies across industry sectors for their temporary staffing needs and 2600+ companies to find the right talent for their permanent positions.