Darwinbox completes Rs 86 crore ESOP buyback, offering liquidity to over 350 employees across its global offices.
This comes a day after the firm announced raising $140 million in a funding round.
The company plans to use the fresh capital to support technology development and international expansion efforts.
The funding round, which is likely to value the company at around $950 million, will comprise a combination of primary and secondary fundraise, Mint reported.
Though Darwinbox's Ebitda margin has improved by 17 percentage points in FY24, the HRTech SaaS firm is yet to turn net profitable.
Singh spent the early years of his career as an engineer building products in both consumer and SaaS tech prior to joining Darwinbox.
The fund, which was raised in two-and-a-half months despite weak market sentiments, was oversubscribed to the extent of $250 mn. The management however, decided to stick to the intended size
The US-based tech giant made an equity investment of an undisclosed size as an extension of Darwinbox’s Series D round that valued the company at more than $1 billion in early 2022
The SaaS unicorn is planning to go for an IPO in the next three years and charts plans to turn profitable by FY2024
The story of Darwinbox founders Jayant Paleti, Rohit Chennamaneni and Chaitanya Peddi, who dared to take on SAP and Oracle in their own den.
Darwinbox is India's only SaaS unicorn whose bulk of the revenue comes from Indian customers.
The company had earlier raised a seed round from investors Endiya Partners, Tracxn Labs, 3one4 Capital and StartupXseed in 2016.
Darwinbox, the HR Technology and Analytics platform have just concluded their first funding round with participation from Endiya Partners, Startupxseed Ventures, 3one4 capital - Mohandas Pai's investment vehicle capital and Tracxn Labs.