TeamLease to acquire 30% stake in Freshersworld

TeamLase Services, the temporary staffing startup, is looking to acquire 30% stake in online job portal Freshersworld.com to further gain market share in its hiring business. As part of the deal, TeamLease will infuse another INR2 crore to enhance product features and back-end technology at Freshersworld, and may also look to further increase its share or acquire 100% of the shareholding. The deal is expected to close by July’17 with Freshersworld continuing to operate as independent entity even after the acquisition.

Ashok Reddy, MD TeamLease Services, said that “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”. Adding on to the deal dynamics, Joby Joseph, founder and CEO of Freshersworld said that “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”. Teamlease Services has ~1900 client and has hired more than 16 lakh people during the last 15 years of its history.