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Time of India
9 hours ago
- Business
- Time of India
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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Top 25 Most Beautiful Women In The World Articles Vally 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. Live Events '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.' Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories 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 .
Time of India
16-05-2025
- Business
- Time of India
Indian firm Indothai to take over Mumbai Airport's ground handling after revocation of Celebi's security clearance
A day after Centre revoked security clearance access of Turkey-based Celebi, Indian firm Indothai has been given the charge of handling the staff and assets at the Mumbai Airport, sources to ET. Previously, the Turkish company was handling around 70% of the ground operations at Mumbai airport, including passenger services, load control, flight operations, cargo and postal services, warehouses and bridge operations. Celebi's security clearance revoked: The government had, on Thursday, revoked the security clearance required for Celebi to operate in India, citing unspecified national security concerns. The clearance is a prerequisite under Indian law for companies providing critical services at airports, including passenger and baggage handling. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Top 25 Most Beautiful Women In The World Articles Vally The government's decision follows reports that the Pakistani army had used Turkish drones against India in the conflict last week. Nonetheless, Turkey has also expressed its support to Pakistan in 'good and bad' times after India's Operation Sindoor, targeting terrorist infrastructure in the neighbouring nation. Celebi Aviation has been operating in India for over a decade, providing ground handling services at several airports including Delhi, Mumbai, Bengaluru, and Hyderabad. Live Events After the BCAS decision, operations of various entities of Celebi Hava Servisi AS have been suspended. They are Celebi Airport Services India Pvt Ltd (CASI), Celebi GH India Pvt Ltd (CGHI), Celebi Nas Airport Services India Pvt Ltd, Celebi Delhi Cargo Terminal Management India Pvt Ltd, and Celebi GS Chennai Pvt Ltd (CGSC). Also Read: ' Will continue to support Pakistan in good times and bad,' says Turkish President Erdogan amid boycott calls in India The company unequivocally refuted all misleading and factually incorrect allegations circulating on social media regarding the company's ownership and operations in India. At India's nine airports, Celebi was providing passenger services, load control and flight operations, and ramp services, ensuring smooth coordination and efficiency on the ground. The company also provided specialised support for general aviation, as well as cargo and postal handling. Additionally, Celebi managed warehouse operations and bridge operation services, contributing to a seamless airport experience for both passengers and cargo. Celebi sues India's decision Turkey-based Celebi has launched a legal challenge to India's decision to overturn its security clearance, arguing in a court filing that "vague" national security concerns were cited without reasoning. Celebi Airport Services India, in a May 16 filing seen by Reuters, asked the Delhi High Court to set aside that decision, arguing it would impact 3,791 jobs and investor confidence, and was issued without any warning to the company.
