eCentricHR to raise up to $10 mn to fuel expansion

eCentricHR primarily focuses on e-governance projects and offshoring solutions

eCentricHR, a Hyderabad-based human resource solutions company of the $100-million digital marketing enterprise Paradigm Group, is in the process of raising between $8 million and $10 million (around Rs 66.5 crore) to support its business and technological expansion, according to founder and group chief executive officer Sridhar Gadhi.

eCentricHR, which provides IT solutions to Indian and the US governments and Fortune 500 companies, primarily focuses on e-governance projects and offshoring solutions ranging from strategy consulting, business analysis, project management, software development and implementation, maintenance and support. The company, which currently contributes one-sixth to the group's revenues, has deployed over 2,500 resources across India over the last three years.

"We are in advanced stages of discussion with private equity firms, and should be completing the fund-raising exercise during the second quarter of this financial year. The idea is to reach a certain size, with revenues of Rs 600 crore or so in three years from now, before going public in the 2019-20 horizon," he said.

eCentricHR has recently developed Mychoice, a mobile-enabling tool for the entire HR sourcing spectrum. According to Karthik Krishnan, chief executive officer of eCentricHR, Mychoice has been built with an objective to seamlessly connect SMEs and prospective candidates, with a scheduling and social recruitment tool, integrating all stakeholders to improve the hiring process.

Mychoice is in the pilot stage at four customers, including two Fortune 500 companies, with nearly 15,000 people already going through the stability test. "Now, we are in the process of doing the external validation. The India-specific product will be commercially launched sometime during this month," he said.