- ByStartupStory | March 6, 2024
Chennai-based HR solutions provider, CIEL Group, has recently acquired a 51% stake in Courseplay, a global learning experience platform headquartered in Mumbai, for a sum of $2 million. This marks CIEL’s fifth strategic investment since December 2022, demonstrating its commitment to growth and innovation in the HR space.
K Pandiarajan, Executive Chairperson of CIEL, highlighted the company’s approach, stating, “Through these acquisitions, we remain a confederation of entrepreneurs with one or more people joining us as entrepreneurs.” This acquisition follows a series of successful investments, including the December 2022 purchase of a 76% stake in Jombay, a talent assessment and development platform.
As part of the recent deal, CIEL has acquired shares from Courseplay Founder and CEO Arjun Gupta and IPV, a collective of angel investors. Gupta will retain his position as CEO, maintaining an entrepreneurial role within the organization. The integration of Courseplay with CIEL’s existing platforms, such as ProSculpt, HfactoR, Jombay, and CielJobs, is anticipated to enhance the company’s HRTech offering.
Pandiarajan emphasized that these strategic moves align with CIEL’s plan to go public in the December quarter, envisioning a ₹500-crore IPO in FY25. “With our sights set on an IPO in FY25, this strategic move reinforces our dedication to driving growth and innovation in the HR space,” he affirmed.
CIEL Group, serving nearly 460 companies across various sectors for temporary staffing needs and permanent placements in 2,600 companies, has already raised ₹43 crore through private placement from high net worth individuals and companies like Zoho, Bharatmatrimony, and CavinKare. The group now aims to secure pre-IPO institutional funds through HDFC Bank and Ambit Capital to further support its transformative journey into a technology-led HR solutions provider.
