Xcelerate Pte Ltd, an integrated GRC (governance, risk management, and compliance) and ESG operating and investing platform, on April 5 said that it has acquired a strategic stake in Stirrup Communication Consultants Pvt Ltd, the company said in a statement.
Stirrup is India’s largest stakeholder communications consultancy, specialising in ESG communications and corporate reporting and a sizeable presence in branding and corporate digital services.
ESG-related advisory and communication services have witnessed increasing demand in recent years and are poised for exponential growth going ahead, the statement said, adding that ESG services are seeing unprecedented expansion across the advisory, communication, reporting, and assurance front.
Promoted and led by Arvind Agrawal, Stirrup has been an active player in the corporate reporting and stakeholder communications sector for over 17 years. It was among the early movers in integrated reporting, sustainability reporting, and ESG communication and has served as a consulting partner for over half the integrated reports published in India. Stirrup has worked with over 500 clients, with the client mix dominated by Nifty 50 Indian companies and some prominent international corporates.
“The partnership with Xcelerate will enable us to build further on the strong foundation and long-standing client relationships we have cultivated. Together, we will provide an attractive home for cutting-edge talent in our domain. The combined vision, experience and reach of the two teams will help create disproportionate value for our clients through meaningful advice, cogent strategies and focused execution, spurring rapid growth in the process,” said Arvind Agrawal, MD & CEO of Stirrup.
As part of the transaction, K.V. Ramakrishna (ex-CEO of Kotak Private Equity and advisor at multiple companies) and Kv Ramanand, CEO of XLSure India Pvt Ltd, will join the Board of Directors of Stirrup. Agrawal, will continue to lead the company as MD & CEO and report to the board.
“Under Arvind’s leadership, they have built a unique, well-established and strong service franchise, validated by the largest corporates in India. The ESG and corporate communications space is an important growth area for us. We intend to work closely together to broaden the scope of solutions, infuse tech-led services and expand into newer territories to build a strong platform,” said Kv Ramanand, CEO, India for Xcelerate Group.
Xcelerate is backed by private equity funds Federated Hermes, Altair Capital, and Exacta Capital Partners. Xcelerate has already made a foray into the social compliance segment through its strategic investment in Aparajitha Corporate Services Pvt Ltd, India’s largest social compliance service provider.
Singhi Advisors acted as the financial advisor on the transaction.
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