India-based staffing and HR solution firm Ciel HR Services said it is in the process of raising funding of approximately INR 2 billion (USD 24.5 million) that includes private placement of INR 240 million (USD 2.9 million) in preparation of its initial public offering planned during December 2023, reports the Times of India. The company also announced its vision to aggregate more than 35,000 unorganised HR service providers in India using digital technologies in a move that it called as the ‘Uberisation’ of the staffing world.

Headquarterd in Bengaluru, Ciel has offices throughout India.

The company also said it has successfully deployed funds raised during the previous round of private placement by way of strategic acquisition of a 76% equity stake in Next Leap Career Solutions. Ciel added that there are five more acquisitions on the cards to be closed from the new fundraising. CIEL HR Services' revenue for the October-December 2022 quarter stood at INR 2.05 billion (USD 25.1 million), a 46% year-on-year increase from the same quarter last year.