Thursday, June 1, 2023

In an effort to facilitate effective hiring in Startups and SMEs with best-in-class recruitment service, CIEL HR Services, one among India’s Top-10 and the fastest growing HR services firms, today announced the launch of CIEL Rapid, an innovative hi-tech & hi-touch solution that enables the Startups and SMEs to fulfill their talent requirements which is one of the most critical factors for their success. With its transparent pricing strategy, companies use a Pay-As-You-Go Model that saves upto 65% on hiring costs; moreover, they fulfill their hiring needs within 24 hour, making it the first of its kind offering in India.

The burgeoning startup ecosystem in India has created 7.68 lakh jobs in India in the last six years. There are over 7.9 million MSMEs in India, contributing approximately 30 percent to the GDP and creating 11.1 crore jobs. In furtherance of strengthening the Startup and SME landscape in India, CIEL Rapid aims to offer full flexibility to the startup and SME employers to specifically select its services and fulfill their hiring needs. Offering three services; Profile Sourcing, Interview Coordination and Final Select Follow-ups, it provides the industry-best turnaround time. The service, tailored for Startups and SMEs, assists the hiring process by sharing validated profiles of potential candidates and helps in scheduling interviews. Clients can choose the service for which they require assistance and pay for only the respective service.

Commenting on CIEL HR FY23 Quarter 1 Performance, Mr. K Pandia Rajan, Executive Chairperson of CIEL Group said, “The Company has recorded a sharp growth in Revenue for the quarter. It has grown significantly to INR 173 Cr, 74% higher y-o-y while the industry has grown at an estimated 15%. EBITDA for the quarter grew by 91% y-o-y. The count of deputees (temp employees on the company’s payrolls, deployed at clients’ places) has been the highest at 21070, 65% higher y-o-y. The company has continued its investments by adding people in the domain of professional staffing, sales, recruitment and business support functions. The headcount of core employees has increased by 150% y-o-y and that of the Tech team has grown by 200% y-o-y, the results of which will manifest in the upcoming quarters.”

On the CIEL Rapid launch, Mr. Pandia Rajan said, “CIEL Rapid has the potential of revolutionalising the recruiting landscape of SMEs and Start-ups not just in urban but also rural parts of our country. We can aim at reaching at least 10% of the addressable market over the next few quarters. We consider this as a major boost towards realising our plans of crossing Rs 1000 Crores turnover in FY23 out of our organic efforts. We continue to work towards our IPO plans in 2024 with the fund-raise efforts on course and the strategic initiatives in place”

Mr. Aditya Narayan Mishra, Managing Director and CEO said, “We are excited to announce the launch of CIEL Rapid, which has a huge potential in supporting the hiring needs of Startups and SMEs. This idea was developed keeping in mind that startups are constantly in need to hire talent quickly, but lack adequate resources to hand-pick the right candidates. Many startups and SMEs are either bootstrapped or are in the initial stages of funding, they tend to spend their money cautiously. Hence, our platform is designed to suit their needs and ease the hiring process for SMEs and startups. We have trained recruiters as part of CIEL Rapid to present job opportunities impactfully, screen candidates and validate the ideal ones. We hope that this platform enables a large number of budding startups and SMEs to find their right talent”.

“The company has concluded a private placement round wherein INR 23 Cr is raised at a dilution of less than 4%. Further to the fund-raise, the company has invested a controlling stake in the skilling business of CIEL Skills and Careers and is building the skill-tech platform, CIELJobs that is poised to provide a huge boost to the skill development programme of our country. Further, the company is in the process of acquiring a controlling stake in a product and tech company which is in the complementing lines of business.Moreover, during the quarter, the company declared a dividend of 10% for FY 2021-22, for the second time in a row.” Concluded K. Pandia Rajan.