Chennai HR and staffing solutions company CIEL Group plans to raise around Rs 82 crore during the current financial year to boost its acquisition plans.
The city-based company's chief executive officer K Pandiarajan on Tuesday said it has reported industry-beating growth, posting revenue of Rs 1,086 crore, surpassing the Rs 1,000 crore mark, during the financial year 2023-24.
Citing a report by an independent brand valuation consultancy, BrandFinance, it said it has valued the CIEL Group brand at $30 million or around Rs 250 crore.
"In its India 100 by Brand Value study (conducted by BrandFinance), CIEL HR was recognized for its brand strength. The study assigns a brand strength rating of AA and a brand value of $30 million (around 250 crore), Pandiarajan told reporters.
"CIEL is the fastest growing technology-based HR solutions company. We believe we are in a unique position. CIEL's HR growth rate was 54 percent, versus industry growth of 14 percent. cent," he said.
On revenue, he said, "We are very happy to announce that CIEL HR has achieved a major milestone of crossing Rs 1,000 crore in revenue in just nine years of its journey (established in 2015). This acquisition underlines our track record of sustained growth driven by a strategic combination of organic expansion and strategic acquisitions.
For the financial year 2022-23, CIEL HR Solutions recorded a top line of Rs 799 crore.
Pandiarajan said the company was considering entering the Middle East and Southeast Asia 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 and IFM technology... We are talking to few companies. Two companies are based in the Middle East and "They will help us enter that market, while the other company is an Indian company," he said.
To a question, he said the company plans to raise Rs 82 crore for the three acquisitions planned this year. Last year, the company raised around Rs 50 crore and acquired five companies.
CIEL Group Director Latha Pandiarajan said that 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 an Initial Public Offering (IPO), Pandiarajan refused to comment stating that the company was in a "silent period".
To another question, he said that Karnataka, Tamil Nadu, Maharashtra and Gujarat contributed most of the company's revenue.
The city-based company's chief executive officer K Pandiarajan on Tuesday said it has reported industry-beating growth, posting revenue of Rs 1,086 crore, surpassing the Rs 1,000 crore mark, during the financial year 2023-24.
Citing a report by an independent brand valuation consultancy, BrandFinance, it said it has valued the CIEL Group brand at $30 million or around Rs 250 crore.
"In its India 100 by Brand Value study (conducted by BrandFinance), CIEL HR was recognized for its brand strength. The study assigns a brand strength rating of AA and a brand value of $30 million (around 250 crore), Pandiarajan told reporters.
"CIEL is the fastest growing technology-based HR solutions company. We believe we are in a unique position. CIEL's HR growth rate was 54 percent, versus industry growth of 14 percent. cent," he said.
On revenue, he said, "We are very happy to announce that CIEL HR has achieved a major milestone of crossing Rs 1,000 crore in revenue in just nine years of its journey (established in 2015). This acquisition underlines our track record of sustained growth driven by a strategic combination of organic expansion and strategic acquisitions.
For the financial year 2022-23, CIEL HR Solutions recorded a top line of Rs 799 crore.
Pandiarajan said the company was considering entering the Middle East and Southeast Asia 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 and IFM technology... We are talking to few companies. Two companies are based in the Middle East and "They will help us enter that market, while the other company is an Indian company," he said.
To a question, he said the company plans to raise Rs 82 crore for the three acquisitions planned this year. Last year, the company raised around Rs 50 crore and acquired five companies.
CIEL Group Director Latha Pandiarajan said that 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 an Initial Public Offering (IPO), Pandiarajan refused to comment stating that the company was in a "silent period".
To another question, he said that Karnataka, Tamil Nadu, Maharashtra and Gujarat contributed most of the company's revenue.
