Unicorn startup Darwinbox may go for IPO in next 3 years
By Team Startupcity | Monday, 14 November 2022, 14:08 IST
HR tech company Darwinbox, which is valued at over USD 1 billion, may go for an Initial Public Offering (IPO) in the next three years, its co-founder Rohit Chennamaneni said. Speaking to media persons in a press conference, he said the city-based firm is expected to achieve profitability by 2025 with Indian operations becoming profitable by next fiscal.
The promoters of Darwinbox currently hold more than 30 per cent stake in the company while the rest is held by investors, including TCV, Salesforce Ventures, Sequoia, Lightspeed and Endiya Partners. "At this point of time the plan is to get to an IPO in the next three years. That's how we are planning our expansion at this point of time. And when you look at the IPO as well, I think broadly as a business, we want to be a global business serving enterprise across the world and competing with the likes of SAP Oracle and Workday," he said.
This is the positioning in which we want to get an IPO, Chennamaneni pointed out. Declining to share revenue details, he said Darwinbox does not have plans presently to raise any funds but constantly looks for some strategic investors. With the USD 72 million fundraising in January this year, Darwinbox's valuation crossed USD 1 billion thus placing it in the club of unicorns.
Chennamaneni said in terms of business, the firm has strong presence in India followed by Southeast Asia Singapore, Thailand, Indonesia, Philippines and Malaysia and the Middle East regions. Darwinbox recently launched its operations in the United States and will be launching in Japan, Australia and New Zealand, he further said.
The company has about 700 employees in Hyderabad and will add another 300 in the next six months, he said. Darwinbox announced the inauguration of its global headquarters in Hyderabad. The new 1,000-seat site spanning 75,000 square feet will empower the brand's consistent business growth globally while enabling it to further tap into local talent.
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