HR tech unicorn Darwinbox completes $10 Mn ESOP buyback

HR tech platform Darwinbox has concluded an Employee Stock Ownership Plan (ESOP) buyback worth Rs 86 crore ($10 million), marking its third such initiative in four years. 

According to the company, the program benefited over 350 employees working across its 11 global offices in India, Southeast Asia, North America, and the Middle East.

The buyback follows Darwinbox’s $140 million in a funding round led by Partners Group and KKR in March this year. 

Based in Hyderabad, Darwinbox has expanded to Indonesia, Singapore, the Philippines, Malaysia, Vietnam, and Thailand. Its main revenue comes from Southeast Asia and India, and it has also opened offices in Saudi Arabia, the UAE, and the US.

The company recently launched an AI-powered product suite spanning multiple HR functions and is actively developing AI-driven agents to assist HR professionals in talent acquisition, digital transformation, and other areas. The firm claims to serve over 4 million users across 1,000 enterprises.

Darwinbox has raised over $255 million to date including $72 million in its Series D round in January 2022 when it entered the unicorn club. 

As per TheKredible, Darwinbox reported Rs 392.95 crore in revenue from operations and a net loss of Rs 191.82 crore in FY24.

In 2025, a clutch of startups including Rapido, Univest, Deserve, and Even Healthcare have implemented ESOP buyback, liquidity, and payout programs worth around $17 million. In 2024, more than 20 startups implemented $200 million. The ESOP buyback or liquidity amount stood at $802 million in 2023, $440 million in 2021, and $200 million in 2022.

Recently, market regulator SEBI eased initial public offering (IPO) norms for startups by allowing founders to retain and exercise ESOPs if granted at least a year before filing the Draft Red Herring Prospectus (DRHP). This move supports founder incentives during listing.