CIEL HR Services expects revenue of Rs 450 crore this fiscal

Chennai, July 29 (PTI): Human resources service firm CIEL expects a revenue of Rs 450 crore this financial year and plans to raise between Rs 50 crore and Rs 75 crore to meet the capital requirements, an official of the company said on Thursday.

The city-based company also plans to enter the capital market in 2023-24, founder of CIEL 'Ma Foi' K Pandiarajan told reporters.

Pandiarajan, a former Minister, said the company reported a revenue of Rs 306 crore last year.

CIEL, started in August 2016, was growing at a compounded annual growth rate (CAGR) of 127 per cent. The company made a revenue of Rs 306 crore last year, he said.

''I took over as the chairman of CIEL HR services after its management met on Wednesday,'' said the former Minister.

''We intend to sustain a CAGR of 100 per cent over the next five years and we plan to achieve that through a public issue by 2023-end or at the beginning of 2024,'' he said.

''This financial year, we are expecting to make a revenue of Rs 450 crore and we intend to focus on manufacturing and logistics besides IT service and consumer segments,'' he said.

Pandiarajan launched the Ma Foi HR services firm in the 1990s and started the CIEL HR Services in 2016.

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