FirstMeridian Business Services Pvt Ltd.
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FirstMeridian Business Services Pvt Ltd. - overview
Location
Bangalore, -, India
Primary Industry
Business Support Services
About
FirstMeridian Business Services Pvt Ltd. is an HR solutions provider that delivers technology-driven talent acquisition and workforce management services across various sectors, enhancing organizational efficiency and improving talent engagement. FirstMeridian specializes in comprehensive HR solutions aimed at enhancing workforce management. Founded by Sudhakar Balakrishnan, the company is headquartered in Bangalore, India.
In 2022, FirstMeridian was acquired by a TR Capital-led consortium in a USD 150 million deal. The company has successfully engaged in 2 total deals with the most recent occurring on January 9, 2023. FirstMeridian provides a range of human resource solutions including talent acquisition, recruitment process outsourcing, and workforce management. They cater to diverse sectors such as Telecom, Retail, BFSI, IT, ITES, E-Commerce, Manufacturing, Engineering, and Logistics.
Serving over 1200 clients, FirstMeridian implements solutions in more than 3500 locations worldwide, supporting organizations in optimizing their HR functions and helping individuals achieve their career goals. In 2023, FirstMeridian reported a revenue of USD 449. 34 mn and an EBITDA of USD 14. 16 mn.
Their revenue generation is predominantly through service agreements with clients, involving structured pricing models that align with service levels and project-based agreements to address workforce needs. FirstMeridian is focused on developing new HR technology products and expanding its market presence. The company aims to enter new geographic regions, leveraging the recent funding acquired in a USD 150 million deal to support these initiatives. By broadening its service offerings and enhancing its technological capabilities, FirstMeridian seeks to solidify its market position and respond to the evolving needs of its clients.
Current Investors
Samara Capital, Goldman Sachs Asset Management, Janchor Partners
Primary Industry
Business Support Services
Sub Industries
Human Resources Services, HR & Workforce Software
Website
www.firstmeridian.com
Company Stage
Mature - Buyout
Total Amount Raised
Subscriber access only
FirstMeridian Business Services Pvt Ltd. - financials
| Fiscal Year Ended | Mar 31, 2019 | Mar 31, 2020 | Mar 31, 2021 | Mar 31, 2022 | Mar 31, 2023 | Mar 31, 2024 |
|---|---|---|---|---|---|---|
| Revenue (USD) | 14,137,294,000 | 20,736,156,000 | 21,231,022,000 | - | - | - |
| % Revenue Growth (YoY) | - | 46.7% | 2.4% | - | - | - |
| EBITDA (USD) | 20,448,000 | 545,516,000 | 482,233,000 | - | - | - |
| Operating Income (USD) | (91,256,000) | (214,043,000) | (283,242,000) | - | - | - |
| Operating Margin | (0.6%) | (1.0%) | (1.3%) | - | - | - |
| % EBITDA Margin | 0.1% | 2.6% | 2.3% | - | - | - |
| NET Income (USD) | (68,602,000) | (130,213,000) | (313,450,000) | - | - | - |
| % Net Margin | (0.5%) | (0.6%) | (1.5%) | - | - | - |
FirstMeridian Business Services Pvt Ltd. - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Secondary Buyout | Completed | FirstMeridian Business Services Pvt Ltd. | - | ||||||||
| Add-on | Completed | RLabs Enterprise Services Limited | - | ||||||||
| Add-on | Completed | CBSI India Pvt. Ltd. | - | ||||||||
| Add-on | Completed | HR Cornucopia Pvt. Ltd.'s Talent Acquisition & Staffing business | - | ||||||||
| Buyout | Completed | FirstMeridian Business Services Pvt Ltd. | - |
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