Xcelerate, a Singapore-based GRC and ESG investment platform, has acquired a strategic equity stake in Stirrup Communication, India’s leading stakeholder communications consultancy, for an undisclosed amount, sources familiar with the transaction said. Stirrup Communication, boasting a current clientele of more than 250, ranging from the Tata Group to the Birla Group, specializes in ESG communications and corporate reporting.
Founded by Arvind Agrawal, Stirrup previously operated under AICL Communications Limited (AICL) before transitioning to its current identity. The company has been active in corporate reporting and stakeholder communications for over 17 years, pioneering Integrated Reporting, Sustainability Reporting, and ESG Communication. It has served as a consulting partner for over half of the integrated reports published in India.
As part of the acquisition, K V Ramakrishna, former CEO of Kotak Private Equity, and KV Ramanand, CEO of XLSure India, will join the board of Stirrup. Founder Arvind Agrawal will continue to lead the company and report to the board, added another source.
The demand for ESG-related advisory and communication services has steadily increased, with regulators showing active interest. In July 2023, the Sebi introduced new environmental, social, and governance (ESG) metrics for mandatory disclosure under ‘BRSR Core’ for the top 1000 listed companies in India.
According to sources, Stirrup has served over 500 clients so far, and currently services more than 250 clients, including a majority of the Nifty 50 companies in India, such as the Tata Group, Reliance Industries, HDFC Bank, Wipro, Hindustan Unilever, Aditya Birla Group, JSW Group, Sun Pharma, State Bank of India, and Bharti Airtel, collectively representing nearly half of India’s market capitalization.
