Human resources 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 carried out a pre-IPO placement of 27,27,272 equity shares at ₹110 apiece, aggregating to ₹30 crore.

The fundraise was approved by the board on November 17 and by shareholders at an extraordinary general meeting on November 28.

Apart from Pegasus India Evolving Opportunities Fund, Zoho Corporation and Standard Fireworks, the share allotment includes investors such as Rajashekar Reddy Seelam, founder of 24 Mantra Organic; Prime Securities; KTV Kannan, promoter of KTV Oil Mills and KTV Health Foods; Sri Kaliswari Fireworks; the Pothys family office; AIKYAM Capital; NS Rajan; and Abhijit Bhaduri, among others.

According to its draft red herring prospectus (DRHP), CIEL HR Services’ IPO will comprise 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 utilise the proceeds from the fresh issue to acquire additional stakes in its subsidiaries — Firstventure Corporation, Integrum Technologies, Next Leap Career Solutions, People Metrics and Thomas Assessments — besides funding incremental working capital requirements, pursuing inorganic acquisitions and meeting general corporate expenses.

It will also invest in five subsidiaries — CCIEL Skills and Careers, FirstVenture Corporation, Integrum Technologies, Ma Foi Strategic Consultants and Next Leap Career Solutions — to expand their learning experience platforms.

Founded in Chennai, CIEL HR Services offers a technology-driven, end-to-end suite of human resources solutions spanning the entire employee lifecycle.