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The Chennai-based Ma Foi Strategic Consultants (A CIEL Group company) launched a now has a technology platform to help lakhs of companies get rid of the complexity around HR compliance. eZYCOMP is designed to simplify HR compliance activities for all stakeholders, and reduce human errors and human hours by 80 per cent. It will also ensure regulatory adherence as per the latest amendment through regular auto updates in the system, said K Pandiarajan, Executive Chairperson and Director – Ma Foi Group & CIEL Group.
Nearly 50 clients have used the platform for the last few months,” he told newspersons on the launch of the HR compliance service. eZYCOMP is a platform loaded with over 75,000 Central and state-specific rules which are mapped into it, he told newspersons.
The estimated market size for technology solutions in HR compliance is ₹6,000 crore in India with a targetable customer base of around 15 lakh registered companies under the Ministry of Company Affairs and 1.6 crore companies registered under MSME in India.
Rajiv Krishnan, Managing Director & CEO – Ma Foi Strategic Consultants said, through eZYCOMPY, the company has made an attempt to make an automated platform whereby from a start up to a large company can use it under a Software as a Service model. A large EdTech with around 15,000 employees is using the platform, he said.
The group also launched Transition Coaching Academy to support leaders in overcoming these challenges and evolving into successful leaders. Through Jombay’s Transition Coaching Academy, the group aims to be an integral part of the organisation’s business growth journey by helping them coach and build a strong leadership team, said Pandiarajan.
IPO plans
Pandiarajan said the CIEL Group will go for a public listing before the elections. The group reported revenue of Rs 840 crore for fiscal ending March 31, 2023 and hopes to report ₹1,300 crore for the current fiscal, he said.
The CIEL group, the talent solutions provider, has 77 offices at 47 locations in India. The group’s brands include CIEL HR; Jombay; HfactoR ; CIEL Technologies; CIEL Skills and Careers and Ma Foi Strategy.
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