On December 1, Pune-based HR tech startup Jombay announced that they were being acquired by another company CIEL HR Services. “As we kept growing, we came across the IPO-bound CIEL HR. We found a good match in terms of our values, Indian roots and global aspiration. We thought that if we joined hands, we could increase our customer footprint and product portfolio and become stronger together,” says Mohit Gundecha, CEO of Jombay. The startup’s brand name will remain the same and it will function as a standalone entity.
Founded in 2010, Jombay works with more than 500 customers in the space of talent management and development. “The employee experience is dependent on the manager. Managers form a crucial linkage between the leadership and the employee. That is why we have been focused on helping organisations identify suitable and effective managers and making them future-ready,” says Gundecha. “With phenomena such as the great resignation, there is a new world of work where people are working remotely. The world of talent has changed and we cater to its new features,” he explains.
According to a statement from the firm, more than 2 lakh managers and leaders go through Jombay’s Assessment and Development programmes every year. “There are other areas, such as recruitment, which we do not cater to. Customers like one-stop shops. Coming together with CIEL HR made sense because we could offer a bigger bouquet of services to the same customer,” says Gundecha. Crucially, CIEL HR has learning management systems and campus recruitment solutions, among others. “Together, we will be able to offer end-to-end HR tech-based solutions to the client to address the full employee life cycle,” he adds.
CIEL HR, which has 74 offices across 50 locations, has recorded an 80 per cent growth in year-on-year revenue in the first half of 2022-23. Aditya Narayan Mishra, managing director and CEO of CIEL HR Services, said in an official statement, “The acquisition, in line with our IPO plans, is part of our strategic vision to expand our technology-led offerings in the HR services domain. It will complement our existing subsidiary Integrum Solutions operating in HR technology space and will help us expand our client portfolio in the market. With this acquisition, we penetrate deeper into the market and expand our margins.”
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