Indian temp staff major TeamLease to buy 30% stake in Freshersworld

Photo: Hemant Mishra/Mint

Temporary staffing company TeamLease Services Ltd on Monday said it will buy a 30% stake in online job portal Freshersworld.com, valued at around Rs18 crore, to scale up its hiring business.

The transaction, subject to closing conditions and regulatory approvals, is expected to close before the end of July 2017, TeamLease said in a statement. The deal is structured as an all-cash tender financed with existing cash reserves of TeamLease, it added. Benguluru-based Freshersworld, dedicated to entry-level hiring, will continue to operate as an independent entity.

Under the agreement, TeamLease will infuse another Rs2 crore to enhance product features and back-end technology at Freshersworld. Also, it would look at increasing its stake in further Fresherworld or a 100% acquisition in the next three years, depending on the portal’s performance.

“We have a large recruitment team and physical presence across locations but we are looking at multiple variables which can effectively increase scale and bring in economies and improve the reach. One of the variables is having a strong technology platform at the back-end,” said Ashok Reddy, managing director, TeamLease Services.

Reddy said Teamlease, which has around 1,900 clients across 6,000 locations in India, had hired more than 16 lakh people over the last 15 years.

Joby Joseph, founder and chief executive of Freshersworld said: “The partnership with Teamlease will allow us to create a formidable force with enhanced product offerings in building databases, online job matching, assessments and background verification.”

Shares of TeamLease closed at Rs1,140.00, down 1.02% on the BSE while the Sensex rose 0.26% at 31,109.28.

This article was first published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.