FirstMeridian

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FirstMeridian
Headquarters
Bengaluru
,
India

FirstMeridian is an Indian human resources investment platform.[1][2][3] 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.[4]

History[edit]

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.[5] 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.[6] 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).[7] 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.[8] 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.[9] It consisted of a new issuance of INR 500 crores worth equity shares and an INR 690- crore Offer For Sale (OFS).[10]

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.[11]

References[edit]

  1. ↑ https://www.sebi.gov.in/sebi_data/attachdocs/may-2022/1652349605720.pdf
  2. ↑ https://www.bseindia.com/corporates/download/397958/FirstMeridian%20Business%20Services%20Limited%20-%20DRHP_20220516181617.pdf
  3. ↑ "Staffing firm FirstMeridian scouts for more acquisitions". The Hindu. 2022-09-19. ISSN 0971-751X. Retrieved 2023-08-01.
  4. ↑ Livemint (2023-01-30). "FirstMeridian Business Services files fresh IPO papers; cuts size to ₹740 cr". mint. Retrieved 2023-08-01.
  5. ↑ "FirstMeridian acquires CBSI India for ₹120 million". www.thehindubusinessline.com. 2020-10-05. Retrieved 2023-08-01.
  6. ↑ Sharma, Mamta; Ltd, People Matters Media Pvt (2022-02-07). "FirstMeridian acquires IT staffing company RLabs". People Matters. Retrieved 2023-08-01.
  7. ↑ "FirstMeridian Business files draft papers to raise Rs 800 crore through IPO". Moneycontrol. 2022-05-12. Retrieved 2023-08-01.
  8. ↑ "FirstMeridian Business, IRM Energy, Lohia Corp get Sebi go-ahead to float IPOs". The Economic Times. 2023-02-28. ISSN 0013-0389. Retrieved 2023-08-01.
  9. ↑ "FirstMeridian Business Services files fresh IPO papers; cuts issue size". indiainfoline.com. Retrieved 2023-08-01.
  10. ↑ Bhalerao, Mayur (2023-02-28). "Sebi approves IPOs by FirstMeridian Business, IRM Energy, and Lohia Corp". mint. Retrieved 2023-08-01.
  11. ↑ Murdeshwar, Sachin (2022-11-29). "Open Graph Meta Tags: Everything You Need to Know". Global Prime News. Retrieved 2023-08-01.
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