Darwinbox completes Rs 86-crore Esop buyback from 350 employees
Software-as-a-service unicorn Darwinbox, which specialises in human resource (HR) services, has completed a Rs 86-crore
employee stock ownership plan
(Esop) buyback, it said in a statement.
This is Darwinbox's third such programme in four years through which more than 350 employees have sold their stock options to the company.
The company did not disclose the amounts of its previous Esop buybacks but said this was Darwinbox's largest such exercise.
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In Esop buybacks, companies typically facilitate secondary purchases of Esops by external investors. However, in Darwinbox's case, the company itself is purchasing these stock options from its employees.
Besides Darwinbox, several new-age companies have concluded Esop buybacks over the last year. These include IPO-bound at-home services platform Urban Company, society management app Mygate, ecommerce firm Meesho, edtech startups Classplus and Adda247, and managed healthcare provider Even Healthcare.
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'Talent has always been at the heart of what we do at Darwinbox, and we've been intentional about ensuring they grow with the company, not just in impact, but also in wealth creation,' Chaitanya Peddi, cofounder of Darwinbox, said in the statement. 'Some of the best minds from the industry have joined us to help shape the future of work. As we double down on R&D to power an AI-first world, we're excited to welcome great talent on this journey.'
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In March 2025, the company closed a $140 million funding round co-led by global private equity firms Partners Group and
KKR
. This was largely a secondary round with a blended valuation of $950 million. In a secondary transaction, shares are exchanged between two investors and the money does not go into the company's accounts.
Lightspeed, which was one of Darwinbox's earliest investors, had partially sold its stake through secondary transactions.
The company's total revenue for FY24 rose by 58% year-on-year to Rs 392 crore after continued investments in R&D, a growing international footprint, and stronger engagement from existing customers. The startup is targeting over 50% revenue growth in FY25, in line with last year's growth, ET had reported earlier.
Darwinbox's platform is used by over 4 million employees across more than 1,000 enterprises, including companies such as Starbucks, McDonald's, AXA, Cigna, WeWork,
Airtel
, and
Vedanta
.
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