Zoho. file | Photo courtesy: Reuters
Human resource solutions provider CIEL HR Services has raised ₹30 crore from 88 investors including Zoho Corporation, Pegasus India and Standard Fireworks, ahead of its proposed initial public offering (IPO).
In a public announcement, the Chennai-based company said it made a pre-IPO placement of 27,27,272 equity shares at ₹110 per share, aggregating to ₹30 crore.
The fundraising was approved by the board on 17 November and by shareholders at an extraordinary general meeting on 28 November.
Apart from Pegasus India Evolving Opportunities Fund, Zoho Corporation and Standard Fireworks, the share allotment includes investors such as Rajasekhara Reddy Seelam, founder of 24 Mantra Organic; prime securities; KTV Kannan, promoter of KTV Oil Mills and KTV Health Foods; Sri Kaliswari Fireworks; Pothis Family Office; Aikyam Capital; NS Rajan; And Abhijeet Bhaduri and others.
According to its draft red herring prospectus (DRHP), CIEL HR Services’ IPO will consist of a fresh issue of equity shares worth ₹335 crore and an offer for sale (OFS) of 47.4 lakh shares by promoters and other selling shareholders.
The company plans to use the proceeds from the fresh issue to acquire additional stake in its subsidiaries – FirstVenture Corporation, Integrum Technologies, Next Leap Career Solutions, People Metrics and Thomas Assessment – besides funding incremental working capital requirements, pursuing inorganic acquisitions and meeting general corporate expenses.
It will also invest in five subsidiaries – CCIEL Skills & Careers, FirstVenture Corporation, Integrum Technologies, Ma Foi Strategic Consultants and Next Leap Career Solutions – to expand its learning experience platforms.
Established in Chennai, CIEL HR Services provides a technology-driven, end-to-end suite of HR solutions spanning the entire employee lifecycle.
published – January 03, 2026 09:46 PM IST
