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Just a few months after raising $140 Mn in a funding round, HR tech unicorn Darwinbox has now completed an INR 86 Cr (around $ 9.7 Mn) employee stock ownership plan (ESOP) buyback, benefitting more than 350 employees across its 11 offices in India, North America, Southeast Asia and the Middle East.
This is the company’s third ESOP buyback in four years.
“Even as we invest deeply in innovation and global growth, we remain equally committed to creating meaningful outcomes for our people. This buyback, like the ones before, reflects our belief in sharing success with our people and building a culture of ownership,” said Darwinbox cofounder Jayant Paleti.
Founded in 2015 by Paleti, Chaitanya Peddi and Rohit Chennamaneni, Darwinbox provides a cloud HR technology platform for businesses to manage their day-to-day HR process. The company leverages AI and ML to provide several solutions including recruitment, onboarding, payroll, travel, and people analytics.
It claims to have onboarded more than 1000 companies including Starbucks, McDonald’s, AXA, Cigna, WeWork, Airtel, and Vedanta as its customers across 130 countries.
On the financial front, the startup recorded a 58% jump in its total revenue to INR 393 Cr during the financial year ended in March 2024 (FY24), on the back of overseas expansion as well as research and development investments.
(The story will be updated soon.)
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