Hyderabad-based HR tech unicorn Darwinbox has successfully executed an Employee Stock Ownership Plan (ESOP) buyback worth Rs 86 crore ($10 million), marking the company’s third such initiative in the last four years.
The company stated that the buyback benefited over 350 employees across its 11 global offices in regions including India, Southeast Asia, North America, and the Middle East.
This latest buyback comes on the heels of Darwinbox’s $140 million funding round led by Partners Group and KKR in March 2025.
Darwinbox, which began its journey in India, has since expanded operations across Indonesia, Singapore, the Philippines, Malaysia, Vietnam, and Thailand. The company has also established a presence in Saudi Arabia, the UAE, and the United States, with a strong revenue base concentrated in Southeast Asia and India.
In recent months, the firm launched an AI-powered HR product suite, covering a wide range of functions. It is also working on AI-driven agents to assist HR teams with talent acquisition, digital transformation, and other enterprise HR needs. Darwinbox currently serves more than 4 million users across 1,000+ enterprises.
Including this round, the company has raised over $255 million to date, with a notable $72 million Series D round in January 2022, the same year it entered the unicorn club.
According to data from TheKredible, Darwinbox reported Rs 392.95 crore in operational revenue and a net loss of Rs 191.82 crore for FY24.
Darwinbox joins a growing number of Indian startups implementing ESOP buyback and liquidity programs. In 2025 alone, firms like Rapido, Univest, Deserve, and Even Healthcare have collectively announced programs worth around $17 million. This follows over $200 million in ESOP buybacks in 2024, and a record $802 million in 2023.
Additionally, the Securities and Exchange Board of India (SEBI) recently relaxed IPO norms for startups, allowing founders to retain and exercise ESOPs granted at least a year prior to DRHP filing, a move seen as strengthening founder incentives in the lead-up to public listings.
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