“A lot (it’s on the right track). The first element is that we wanted to raise Rs 20 crore but we actually raised Rs 23 crore including Rs 17 crore through equity and Rs 6 crore through CCD (convertible bond mandatory). Secondly, we are in a private fundraiser which is well underway at the moment. After that, we will file the draft red herring prospectus,” he told reporters.
Elaborating, Pandia Rajan said the company believes the second quarter of next fiscal year would be the “right time” to take the issuance public. “I intend to file the DRHP by the first quarter of next fiscal year and the public offering by the second quarter of next year,” he said.
When asked, he said the company plans to raise about $330 million through private equity. “We’re looking at both components. A private equity or a venture capital…” he said.
Pandia Rajan and the Managing Director and CEO of the company, Aditya Narayan Mishra were here to announce the launch of the CIEL Rapid solution offered by the company.
CIEL Rapid is designed to meet the hiring needs of start-ups and small and medium enterprises located in urban and rural areas of the country, Pandia Rajan said.
On a question on revenue, he said the company reported revenue of Rs 520 crore last year and this year it will be over Rs 1,000 crore. “We expect another revenue of Rs 400 crore through acquisitions…,” he said.
Pandia Rajan said they were also in talks to acquire an HR technology company and currently “due diligence is underway”.
“They (this company) are in HR services of a very massive field and we believe this will add significant value to the technological strength of CIEL HR,” he said, without revealing the name of the company. .
“The acquisition cost is likely to be around Rs 25-30 crore…it’s a small acquisition,” he said.