SaaS upstart Darwinbox builds a new worldwide office in Hyderabad and intends to go public in three years
The unicorn SaaS company has aspirations to go public in the next three years and to become profitable by FY2024.
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Darwinbox, a global headquarters for its human resources (HR) technology software services, expects to add 300 people in Hyderabad over the next six months, bringing the city's total employment to 1,000.
During the virtual media meet on Monday, Darwinbox cofounder Rohit Chennamaneni remarked, "The new 1000-seat site spanning 75,000 ft. will empower the brand's constant business growth globally while enabling it to better tap into local talent."
In India, Indonesia, the Philippines, Singapore, Thailand, Malaysia, the UAE, the Kingdom of Saudi Arabia (KSA), and the United States, the HR IT company currently employs 1,200 people.
We will look to hire more individuals in the design and data science fields, as well as in the product and engineering departments, according to Chennamaneni. The extra staff will be added over the course of the next six months.
Another significant turning point in our growth journey is moving into our new Global HQ. This decision will assist our ambitious objectives to double business by 2023 and help us realise our vision of "from Asia to the globe."
The unicorn SaaS company has three years to file for an IPO and outlines ambitions to become profitable by FY2024. According to the company's filings with the RoC, it reported $3.3 million in revenue and a $750,000 after-tax deficit for FY2021.
"Within the next three years, we intend to file for an IPO...
By FY24, we hope to become profitable, according to Chennamaneni.
Latin America and Europe are among the newer markets that Darwinbox is planning to expand into.
"We have a significant presence in the Middle East, Southeast Asia, and India... Significant investment and expansion will take place in additional geographies including Japan, Australia, and New Zealand in the upcoming year, according to Chennamaneni. The US is another region where we are aiming to grow.
Darwinbox, a technology company founded in 2015 by Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni, currently has 700 clients and 2 million users, including major corporations, tech behemoths, and well-known brands like JSW, Adani, Vedanta, Mahindra, Kotak, NSE, Ujjivan, Makemytrip, Swiggy, Nivea, Starbucks, and Dominos.
The company provides a cloud-based HR Technology platform that meets the needs of an organization's HR departments throughout the employee lifecycle, including recruitment, onboarding, core transactions (leaves, attendance, directory), payroll, travel and expenses, employee engagement, performance management, rewards & recognition, and people analytics.
The company completed its Series D, Unicorn round of $72 million funding in January 2022. The round was led by Silicon Valley-based TCV and supported by prior investors. Participants in the round included previous backers Lightspeed Venture Partners, Sequoia Capital India, Salesforce Ventures, 3One4 Capital, Endiya Partners, and SCB 10X. Microsoft Corporation contributed about $4 million to Darwinbox in October.
According to Chennamaneni, the business has enough cash to last the next three years. "At this time, we have the resources to last us for the next three years, and we may raise pre-IPO funds if, say, the more recent markets require more expansion and growth."
The co-founder claimed that although there has been a modest downturn in US business, the company's largest market, Asia and India, has remained mostly untouched. The largest market for us is Asia, particularly India, so there is no impact there; but, we have noticed a slowdown in some areas of the US. Our sales cycles have gotten a little longer, and our pricing advantage in the tech sector has decreased, he said, adding that industries like pharma, banking, and manufacturing are still doing well.
