CHENNAI: In an effort to facilitate effective hiring in start-ups and SMEs with best-in-class recruitment service, CIEL HR Services, one among India’s Top-10 and the fastest growing HR services firms, on Wednesday announced the launch of CIEL Rapid.
With its transparent pricing strategy, companies use a Pay-As-You-Go Model that saves upto 65% on hiring costs; moreover, they fulfil their hiring needs within 24 hours, making it a one of its kind offering in India.
The burgeoning start-up 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.
CIEL Rapid aims to offer full flexibility to the start-up and SME employers to specifically select its services and fulfil their hiring needs.
Offering three services: profile sourcing, interview coordination and final select follow-ups, it provides the industry-best turnaround time.
Clients can choose the service for which they require assistance and pay for only the respective service.
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 Rs 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.”
Pandia Rajan said, “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 1,000 cr 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”
Aditya Narayan Mishra, MD-CEO said, “This idea was developed keeping in mind that start-ups are constantly in need to hire talent quickly, but lack adequate resources to hand-pick the right candidates.”
“The company has concluded a private placement round wherein Rs 23 cr is raised at a dilution of less than 4%. The company has also invested a controlling stake in CIEL Skills and Careers and is building the skill-tech platform, CIELJobs. 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,” concluded Pandia Rajan.