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ICICI in $15m exit from India's TeamLease

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ICICI Venture has exited nearly all of its remaining stake in Indian staffing services company TeamLease for INR1 billion ($15 million).

According to market data, a block of 910,000 shares was sold by India Advantage Fund (IAF) Series 3, the 2007-vintage vehicle managed by ICICI that invested INR750 million in TeamLease in 2011. Gaja Capital committed INR250 million at the same time. The shares were priced at INR1125 apiece.

ICICI had about 2.6 million shares in TeamLease prior to the company's IPO in February, when the firm sold about 1.5 million shares at INR850 each. The most recent exit leaves it with about 112,000 shares.

TeamLease, founded in 2000 as India Life Chakravarti Actuarial Services, provides recruitment and human resources services to Indian companies across a range of industries. It helps to recruit and train employees for both temporary and long-term staffing needs; in addition, the company offers consulting services for labor law compliance. It had more than 99,000 temporary employees and over 1,200 corporate clients as of 2015.

For the year ended March 2016, TeamLease reported net revenue of INR25.2 billion, up from INR20.2 billion the year before. Net profit over the same period rose from INR341 million to INR373 billion.

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