Ajay Kumar: Creating a new article

2023-08-31T18:06:27Z

Creating a new article

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{{Infobox company
| name = FirstMeridian
| logo =
| logo_size = 200px
| logo_caption =
| caption =
| image =
| image_caption =
| location_city = Bengaluru
| location_country = India
| area_served =
}}

'''FirstMeridian''' is an Indian human resources investment platform.<ref>https://www.sebi.gov.in/sebi_data/attachdocs/may-2022/1652349605720.pdf</ref><ref>https://www.bseindia.com/corporates/download/397958/FirstMeridian%20Business%20Services%20Limited%20-%20DRHP_20220516181617.pdf</ref><ref>{{Cite news |date=2022-09-19 |title=Staffing firm FirstMeridian scouts for more acquisitions |language=en-IN |work=The Hindu |url=https://www.thehindu.com/business/Industry/staffing-firm-firstmeridian-scouts-for-more-acquisitions/article65910764.ece |access-date=2023-08-01 |issn=0971-751X}}</ref> Headquartered at [[Bengaluru]], it was founded in 2018 when investors Goldman Sachs, Samara Capital and Janchor Partners came together to form an HR investment platform empowered by technology and innovation in Managed Services, Staffing, Recruitment and HR Automation.<ref>{{Cite web |last=Livemint |date=2023-01-30 |title=FirstMeridian Business Services files fresh IPO papers; cuts size to ₹740 cr |url=https://www.livemint.com/market/ipo/firstmeridian-business-services-files-fresh-ipo-papers-cuts-size-to-rs-740-cr-11675094490109.html |access-date=2023-08-01 |website=mint |language=en}}</ref>

==History==

Since its inception in 2018, FirstMeridian has been focussing on acquisitions as part of its growth strategy. It acquired Innovsource Services and Innovsource Facilities in 2018, as well as V5 Global Services and Affluent Global Services. In addition, in 2020, it acquired the Cornucopia and CBSI India.<ref>{{Cite web |date=2020-10-05 |title=FirstMeridian acquires CBSI India for ₹120 million |url=https://www.thehindubusinessline.com/info-tech/firstmeridian-acquires-100-stake-in-cbsi-india/article32772331.ece |access-date=2023-08-01 |website=www.thehindubusinessline.com |language=en}}</ref> In 2022, it bought RLabs Enterprise Services, which specialises in system, application, and product technologies, artificial intelligence and robotics, mobility, cloud computing, and enterprise storage.<ref>{{Cite web |last=Sharma |first=Mamta |last2=Ltd |first2=People Matters Media Pvt |date=2022-02-07 |title=FirstMeridian acquires IT staffing company RLabs |url=https://www.peoplematters.in/news/hr-technology/firstmeridian-acquires-it-staffing-company-rlabs-32623 |access-date=2023-08-01 |website=People Matters |language=en-US}}</ref> FirstMeridian served around 1,200 clients across a wide spectrum of industries as of December 2021. It recorded a revenue from operations of INR 2,069 crores for the nine months ending December 2021.

In May 2022, FirstMeridian submitted the preliminary paperwork with capital markets regulator SEBI to raise Rs INR 800 crores through an initial public offering (IPO).<ref>{{Cite web |date=2022-05-12 |title=FirstMeridian Business files draft papers to raise Rs 800 crore through IPO |url=https://www.moneycontrol.com/news/business/ipo/firstmeridian-business-files-draft-papers-to-raise-rs-800-crore-through-ipo-8494911.html |access-date=2023-08-01 |website=Moneycontrol |language=en}}</ref> As per the draught prospectus, the IPO consisted of a new issue of equity shares with a maximum value of INR 50 crores and an Offer for Sale (OFS) with a maximum value of INR 750 crores by the promoters and existing shareholders.<ref>{{Cite news |date=2023-02-28 |title=FirstMeridian Business, IRM Energy, Lohia Corp get Sebi go-ahead to float IPOs |work=The Economic Times |url=https://economictimes.indiatimes.com/markets/ipos/fpos/firstmeridian-business-irm-energy-lohia-corp-get-sebi-go-ahead-to-float-ipos/articleshow/98297400.cms?from=mdr |access-date=2023-08-01 |issn=0013-0389}}</ref> They refiled preliminary documents with Sebi SEBI in January 2023, reducing the size of their first public offering (IPO) from INR 800 crores to INR 740 crores.<ref>{{Cite web |title=FirstMeridian Business Services files fresh IPO papers; cuts issue size |url=https://indiainfoline.com/article/news-top-story/firstmeridian-business-services-files-fresh-ipo-papers-cuts-issue-size-1675137910286_1.html |access-date=2023-08-01 |website=indiainfoline.com |language=en}}</ref> It consisted of a new issuance of INR 500 crores worth equity shares and an INR 690- crore Offer For Sale (OFS).<ref>{{Cite web |last=Bhalerao |first=Mayur |date=2023-02-28 |title=Sebi approves IPOs by FirstMeridian Business, IRM Energy, and Lohia Corp |url=https://www.livemint.com/market/ipo/sebi-approves-ipos-by-firstmeridian-business-irm-energy-and-lohia-corp-11677592672617.html |access-date=2023-08-01 |website=mint |language=en}}</ref>

As of July 2023, they are the third largest Indian staffing company by revenue. The platform has a combined headcount of more than 126,800 associates who serve over 1200 clients across industry sectors.<ref>{{Cite web |last=Murdeshwar |first=Sachin |date=2022-11-29 |title=Open Graph Meta Tags: Everything You Need to Know |url=https://globalprimenews.com/ |access-date=2023-08-01 |website=Global Prime News |language=en-US}}</ref>

== References ==

{{reflist}}

[[Category:Companies established in 2018]]

FirstMeridian - Revision history

Ajay Kumar: Creating a new article