Darwinbox Aims To Be Profitable By 2023, Eyes IPO In 3 Years

HRtech unicorn Darwinbox is looking at turning its India operations profitable by 2023 and is eyeing a public listing in the next three years, its founder Rohit Chennamaneni has said.

“Broadly, we want to become a global business serving enterprises across the world and competing with the likes of SAP and Oracle. That’s the positioning that we want while going for an IPO,” Chennamaneni said during a press conference.

He said that the startup will achieve profitability in India by next year (2023), while its SouthEast Asia and the Middle East operations will become profitable by 2024. Besides, it is also looking to enter New Zealand, Japan, the US and Australia over the next three years.

Founded in 2015 by Chennamaneni, Chaitanya Peddi and Jayant Paleti, the startup offers cloud-based HR services including recruitment, onboarding, core transactions payroll, travel and people analytics, among others to medium-sized and large scale organisations across the world.

The startup announced the opening of its new headquarters in Hyderabad during the conference. Chennamaneni said that the startup will hire 1,000 new employees across data science, product development and engineering teams in a year for the new headquarters. It also aims to increase its headcount in India to 2,000-2,500 in the next two years.

Darwinbox has its offices in India, the US, SouthEast Asia and MiddleEast. The startups’s current headcount in India stands at 1,000. 

The hrtech unicorn does not plan to raise any fresh capital in the next three years, Chennamaneni said. However, he added that Darwinbox would be open to investments by strategic investors.

Earlier this month, Inc42 reported that Darwinbox had raised $4 Mn (INR 32.5 Cr) from US tech giant Microsoft Corporation.