Startup Darwinbox may go for IPO in next 3 years: Co-founder
HYDERABAD: HR tech company Darwinbox, which is valued at more than $1 billion, may go for an Initial Public Offering (IPO) in the next three years, its co-founder Rohit Chennamaneni said on Monday.
The city-based firm is expected to achieve profitability by 2025 with Indian operations becoming profitable by next fiscal, Chennamaneni said at a press conference.
The promoters of Darwinbox currently hold more than 30% 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,” Chennamaneni said.
This is the positioning in which we want to get an IPO, he pointed out.
Chennamaneni chose not to share revenue details, but said Darwinbox does not have any plan at present to raise any funds but does constantly look for some strategic investors.
With the $72 million fundraising in January this year, Darwinbox’s valuation crossed $1 billion thus placing it in the club of unicorns.
In terms of business, the firm has strong presence in India followed by places in Southeast Asia such as Singapore, Thailand, Indonesia, Philippines and Malaysia, and the Middle East.
Darwinbox recently launched its operations in the US 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 on Monday announced the inauguration of its global headquarters in Hyderabad. The 1,000-seat site spanning 75,000 square feet will empower the brand’s consistent business growth across the world, while enabling it to tap into local talent.