Bengaluru, 24 May, 2022: Marking their 21st anniversary, TeamLease Services Limited, India’s leading HR Services company has today announced their business strategy for the next decade. Continuing their focus to enhance the employment, education, employability and ease of doing business ecosystem in India, TeamLease has announced that they will be investing over Rs.100crore towards augmenting their business, expanding their services/product portfolio and towards extensive technology adoption.
TeamLease currently has a gamut of products and services including Staffing, Specialized/IT Staffing (TeamLease Digital), HR Tech solutions, Compliance Payroll Outsourcing, Apprenticeship (NETAP); Corporate Training, Degree Apprenticeship and Courses for HEI/Universities (TeamLease EdTech), skill development programs (TeamLease Skills University), HR & Compliance Management Solutions, amongst others. The company has grown at a CAGR of 21% y-o-y over the last decade / recorded annual growth of 32% over the last fiscal. Amongst the brands’ core offerings, Staffing and Specialized staffing are the leading contributors to the company’s top line.
Sharing his view on the aspirations for the next decade, Mr Ashok Reddy, Managing Director, TeamLease Services Limited, said, “Over the past two decades, our primary focus has been towards putting India to work. In this journey, we have not just focused on connecting aspirants to the right employment opportunities but addressed larger concerns around employability/skill deficit and ease of doing business/regulatory cholesterol. Our acquisitions in the past and the products/services that we have launched have been aligned towards this goal. Our endeavours with NETAP, TeamLease EdTech and TeamLease Skills University was a step towards empowering the youth of the country. Over the last five years, through our compliance focused products under the TeamLease RegTech house, we are also contributing towards augmenting the ease of doing business in India.”
“By 2030, we are aiming to scale our business by maintaining 20-25% CAGR on revenue and the current investment is towards that goal. We will be extending our product/service portfolio with adjacencies in specialized verticals of staffing and digital workforce solutions, with a focus to expand margins to 3.5%. This year we have launched our HR Tech solutions business and are looking forward to scale this further in the future. We are also aiming to become India’s largest private employer and world’s largest staffing service provider by headcount”, added Mr Reddy.
As part of their agenda for the next decade, the company with their vision to create strong corporate governance is also embarking on their succession planning journey. In July 2021, TeamLease appointed Narayan Ramachandran as the new Chairman (non-executive) of the company and Manish Sabharwal, the Executive Chairman of the company had transitioned to the role of the Executive Vice Chairman. The company also inducted Meenakshi Nevatia (MD, Stryker India), Mekin Maheshwari (former CPO, Flipkart) and S. Subramaniam (former CFO, Titan Company). In this quarter, TeamLease has also inducted their Co-Founder and Executive Vice President, Rituparna Chakraborty to the Board of Directors.