Human resources and staffing solutions firm CIEL HR Group has acquired Mumbai-based firms Thomas Assessment Private Limited and People Metrics Private Limited, which specialise in talent assessment.

These acquisitions enhance CIEL HR’s capabilities in the Indian talent assessment and development market while broadening its presence across the SAARC region, strengthening its geographic reach and service portfolio.

Thomas Assessment, backed by 43 years of global expertise, specialises in psychometric tools for behavioural, cognitive, personality, and emotional intelligence assessments, while People Metrics provides comprehensive assessment solutions.

“This (Thomas Assessment) is one important strategic acquisition which strengthens our presence in the assessment and development sector of the HR value chain. We also strengthen our talent assessment and development solutions and gain entry into the SAARC region, with Thomas,” said K Pandiarajan, Executive Chairperson and Director of CIEL Group, during a media briefing.

The Bengaluru-based firm has acquired a 51% stake in Thomas Assessment through an undisclosed cash and share swap deal, with plans to fully acquire the HR services company over the next 18 months, according to Pandiarajan.

“Since our inception, we have focused on elevating the standards of talent assessment and organisation development in India. I am excited to see us become a part of the CIEL HR Group taking our product suite to the large clientele of CIEL HR Group and unleashing our synergies,” said Sundara Rajan, Founder and Director of Thomas Assessments and People Metrics.

These two acquisitions follow the Bengaluru-based company’s purchase of another Mumbai-based upskilling startup Courseplay for $2 million in a mix of cash and share swap.

Before these acquisitions, the firm had bought Chennai-based IT staffing company Aargee Staffing Services in December 2023 and talent assessment company Jombay in December 2022.

CIEL HR Group, which is gearing up for an initial public offering (IPO) in the fourth quarter of the current fiscal year, is backed by prominent investors such as Sridhar Vembu of Zoho, CK Ranganathan of CavinKare, and NS Rajan, the former group Chief Human Resources Officer of Tata Group​

The Bengaluru-based company clocked a consolidated revenue from operations of Rs 1,085 crore for FY24, up 36% from Rs 799 crore in the previous fiscal year. Additionally, its profit after tax for FY24 amounted to Rs 10.8 crore.

“We have been growing at around 40% over last year as of the six months of this past year. We are well on our way to meeting our commitments to the shareholders,” remarked Pandiarajan.

CIEL HR Group offers a comprehensive range of technology-driven human resources solutions that span the entire employee lifecycle, influencing all aspects of HR management. As of June 30, 2024, the company operates from 92 offices across 43 locations and has served 3,958 clients across various sectors.

Packaged foods seller iD Fresh turned profitable in FY24, earning a net profit of Rs 4.56 crore against a loss of Rs 32.8 crore incurred in the previous fiscal year. 

The company, which also sells idli and dosa batter as well as frozen food like parathas and chutneys, posted a 16.3% year-on-year (YoY) increase in its operating revenue to Rs 557.84 crore in FY24, compared with Rs 479.29 crore earned in the previous year, filings with the Registrar of Companies showed. 

Improvements in the topline were matched by a rise in total expenses, which rose 8% YoY to Rs 558.2 crore in FY24. This was primarily due to rise in the cost of materials, employee benefits expenses, and other expenses including advertising costs. 

The brand’s ready-to-cook batters, its largest segment, clocked a 24% YoY increase in sales to Rs 237 crore while the sales of its second-largest selling segment, parotta, increased by 10% YoY to Rs 183 crore. 

Bengaluru-based iD Fresh recently announced the company’s foray into the spices market with the launch of three spice variants—red chilli powder, garam masala, and sambar powder.

It had earlier told YourStory about the company’s plans to expand its presence in north India where it does not have a strong hold yet, starting with Delhi and expanding to Chandigarh and Agra. 

Jay Hao, the former CEO of OKX, one of the largest cryptocurrency exchanges in the world, has joined CIFDAQ, a bootstrapped Indian blockchain startup as its co-founder and global COO.

In an exclusive interaction with YourStory, Hao throws light on CIFDAQ’s growth strategy as it plans to launch a centralised crypto exchange and a wallet next month.

He assures that CIFDAQ will implement robust safety measures and adopt the highest levels of cybersecurity across its operations. CIFDAQ will also build an ecosystem with financial prudence, he says.

A frugal approach, he adds, is fundamental to the company’s strategy for long-term profitability.

Hao joined OKX in 2018 when it had become the world’s largest cryptocurrency exchange by reported turnover. During his tenure, OKX entered India and United Arab Emirates and bolstered its presence in Latin America. The company also saw its largest trading volume in history under Hao.

Cybersecurity and user trust

One of the biggest challenges that crypto exchanges face today is that of security. With the crypto industry becoming a target of hacks and security breaches, CIFDAQ seeks to prioritise building a secure platform.

“We’re adopting the highest levels of cybersecurity,” Hao assures.

CIFDAQ is determined to implement robust safety measures across all facets of its operations. “We’re not just protecting wallets; we’re safeguarding the entire ecosystem,” he adds.

“History has shown that even giants can fade away, so it’s not about who enters first but how you differentiate and execute,” he notes.

Hao has been closely following the crypto heist that saw Indian crypto exchange WazirX knocking on the doors of Singapore’s bankrupcy court.

Hao acknowledges that, in the crypto industry, “pretty much everybody has experienced a hack.” However, he emphasises that a hack itself isn’t necessarily detrimental to the company. “It’s more about the trust you can uphold with your clients,” he points out.

Discussing the approach taken by some exchanges, Hao expresses disagreement over how WazirX handled the situation it was in. “I probably wouldn’t agree with what WazirX has done,” he says.

He strongly believes in prioritising user trust. “I’d rather give the money back to the users, instead of taking it from them.”

CIFDAQ’s growth strategy

Hao believes many exchanges rely too much on external funding without careful execution. “Talent and funding are crucial, but execution matters more,” he emphasises.

Hao is confident about CIFDAQ’s process-driven approach and its ability to be frugal with resources, which is key to outlasting competitors.

Hao explains that CIFDAQ is building an ecosystem with financial prudence. “We don’t waste money—we’re frugal and ensure every penny is used wisely,” he asserts.

This approach, he says, is fundamental to the company’s strategy for long-term profitability, particularly in developing markets such as Southeast Asia, Latin America, and Africa.

Hao is bullish on CIFDAQ’s potential to reach underbanked regions. While global exchanges like Binance have made inroads in Southeast Asia, many local exchanges lack the global resources to scale, he adds.

“I see a lot of potential in India and Southeast Asia. Our competitors might be global giants, but our real competition is ourselves.”

The company’s strategy includes acquiring licences from various jurisdictions to ensure compliance while expanding into emerging markets.

Hao plans to make gaming a key part of CIFDAQ’s blockchain ecosystem, as he views it as a natural fit for blockchain applications like NFTs and play-to-earn models. He envisions a platform where gamers can earn, trade, and own tokenised assets, creating a more immersive experience.

This approach would also enhance user engagement and drive wider adoption of CIFDAQ’s ecosystem, making gaming a major driver for the platform’s growth, he says.

Profitability and sustainability

CIFDAQ emphasises profitability and sustainability over growth at any cost.

“We’re not just building another financial platform; we are building an open blockchain solution that includes everything from gaming to stock trading across markets like the US, Japan, and Hong Kong,” says Hao.

CIFDAQ Blockchain Ecosystem Global Inc is a global blockchain ecosystem company offering advanced blockchain solutions, virtual digital asset exchange services, and tokenisation.

Mumbai-headquartered CIFDAQ, which was founded in 2020 by Rahul Maradiya, also has offices in Delhi, Bengaluru, and Kolkata.

Maradiya’s vision for CIFDAQ centres around building a sustainable, compliant blockchain ecosystem that caters to a diverse range of traders and markets. He emphasises the importance of simplicity, inclusiveness, and strong compliance.

“We want to obtain our own licences in every jurisdiction… even if it takes six months or a year,” he tells YourStory.

Maradiya highlights the need to avoid temporary solutions and focus on long-term stability. His approach involves scaling gradually while creating a platform with products for all types of traders.

“You can’t build a skyscraper and then have the floor crumble beneath you,” he says.