Ciel Group, a staffing firm based in India, report revenue of INR 8.15 billion (USD 99.8 million) for the full year 2022-2023, up 57% on the INR 5.20 billion (USD 63.7 million) recorded in FY 2021-2022.

According to Ciel Group executive chairperson K Pandiarajan, the group also reported EBITDA growth during the year and a 29% year-on-year increase in headcount.

Pandiarajan noted that it acquired three companies in the last few months including Leap Career Solutions, an India-based talent assessment company.

Ciel also announced that it has planned to raise INR 1.50 billion to INR 2.00 billion (USD 18.3 million to USD 24.5 million) this financial year to fund its acquisition plans. The funds raised would be deployed for the current acquisition targets of seven companies mainly in the professional staffing segment and human resource technology domain, among others, Pandiarajan said.

Pandiarajan also said that the funds raised would also be used by the company to hit the capital market by the end of the financial year.

The group said in January that it was in the process of raising funding in preparation of its initial public offering.

"Our hope is to file the Draft Red Herring Prospectus by the last quarter of this financial year. Depending on the speed of SEBI (Securities and Exchange Board of India) for clearance, we could go for the public issue," Pandiarajan said.

Pandiarajan said the promoters including himself hold a 91% stake in the company and "we intend not to dilute beyond 20% at this stage of raising.”

According to Pandiarajan, the company should raise at least INR 7.50 billion (USD 91.8 million) in the public issue.

Ciel HR Managing Director and CEO Aditya Narayan Mishra said, “FY24 will be a year of expanding horizons, as Ciel Group aims to disrupt the HR space further."

Headquartered in Bengaluru, Ciel has offices throughout India.