Darwinbox may go for IPO in next 3 years: cofounder Rohit Chennamaneni
- ByStartupStory | November 14, 2022
Darwinbox, a $1 billion+ HR IT business, may go public in the next three years, according to Rohit Chennamaneni, a co-founder, who spoke on Monday in this city.
In a news conference, he said the company established in the city is anticipated to become profitable by 2025, with Indian operations being profitable the next fiscal year. More than 30% of Darwinbox is currently owned by the company’s promoters, with the remaining shares being held by investors like TCV, Salesforce Ventures, Sequoia, Lightspeed, and Endiya Partners.
“Currently, the goal is to have an IPO within the next three years. We are currently planning our expansion in such a manner. Additionally, when you consider the IPO, I believe that overall, as a company, we want to serve businesses all over the world and compete with companies like SAP, Oracle, and Workday “said he. Chennamaneni noted that this is the positioning in which we want to obtain an IPO.
He declined to provide financial information but stated that Darwinbox is constantly looking for strategic investors and does not currently have any plans to raise any money. With the funding of USD 72 million in January of this year, Darwinbox’s valuation surpassed USD 1 billion, putting it in the unicorn club.
According to Chennamaneni, the corporation has a significant presence in India, Southeast Asia (including Singapore, Thailand, Indonesia, the Philippines, and Malaysia), and the Middle East. According to him, Darwinbox recently began operating in the United States and will soon begin operations in Japan, Australia, and New Zealand.
According to him, the business currently employs 700 people in Hyderabad and plans to hire another 300 over the next six months. Darwinbox announced the opening of its global headquarters in Hyderabad on Monday. The brand’s steady international business growth will be facilitated by the new 75,000-square-foot, 1,000-seat location, which will also allow it to better utilise local talent.
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