Darwinbox Finalises Rs 86 Crore ESOP Buyback
Darwinbox, a prominent HR tech platform, has successfully completed an Employee Stock Ownership Plan (ESOP) buyback valued at Rs 86 crore ($10 million). This marks the third buyback initiative within a span of four years.
The program positively impacted over 350 staff members across 11 offices globally, including locations in India, Southeast Asia, North America, and the Middle East.
This buyback follows a significant funding round in March, where Darwinbox secured $140 million, led by Partners Group and KKR.
With its headquarters in Hyderabad, Darwinbox has witnessed substantial growth, extending its operations to Indonesia, Singapore, the Philippines, Malaysia, Vietnam, and Thailand. The company’s revenue predominantly originates from Southeast Asia and India, along with the establishment of new offices in Saudi Arabia, the UAE, and the US.
Recently, Darwinbox introduced an AI-driven product suite covering a variety of HR functions and is in the process of developing AI-based agents to assist HR professionals in talent acquisition, digital transformation, and more. The firm boasts over 4 million users spanning 1,000 companies.
To date, Darwinbox has raised more than $255 million, which includes $72 million from its Series D round in January 2022, a pivotal moment when it entered the unicorn category.
According to various reports, Darwinbox recorded Rs 392.95 crore in operational revenue alongside a net loss of Rs 191.82 crore during FY24.
In 2025, several startups, such as Rapido, Univest, Deserve, and Even Healthcare, initiated ESOP buyback, liquidity, and payout initiatives amounting to roughly $17 million. In 2024, over 20 startups implemented programs worth $200 million. The total ESOP buyback or liquidity figures reached $802 million in 2023, $440 million in 2021, and $200 million in 2022.
Recently, the Securities and Exchange Board of India (SEBI) relaxed IPO regulations for startups, permitting founders to retain and exercise ESOPs granted at least one year prior to the submission of the Draft Red Herring Prospectus (DRHP). This update encourages founder engagement during the listing process.
