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Darwinbox Winesses 2x Increase In Revenues In FY22

The Rohit Chennamaneni-led stepped into India’s unicorn club last year after bagging $72 million in a Series D funding round led by TCV, Salesforce, Sequoia Capital and Lightspeed

Darwinbox Winesses 2x Increase In Revenues In FY22

Outlook Start-Up Desk

POSTED ON February 04, 2023 3:16 PM

Hyderabad-based HR tech platform Darwinbox reported Rs 116 crore in operating revenue in the financial year (FY) 2022. The company recorded a 2.5x in scale from Rs 50 crore in revenue, achieved in the previous financial year. 

The Rohit Chennamaneni-led stepped into India’s unicorn club last year after bagging $72 million in a Series D funding round led by TCV, Salesforce, Sequoia Capital and Lightspeed. 

The cloud-based integrated HR technology company earned Rs 94.55 crore from its membership subscription fee, which has been its primary source of revenue since its inception. It witnessed a 2.4x increase from Rs 38.99 crore in FY21. Additionally, Darwinbox witnessed a 2x jump in income from its consultancy services. It earned Rs 22.15 crore in FY22, compared to Rs 11 crore in FY21. 

The company’s employee benefits expense rose to Rs 104.4 crore, recording a 2.5x increase from the previous financial year (FY). This included Rs 11.88 crore ESOP (Employee Stock Ownership Plan) expenditures. Additionally, the company spent Rs 28.35 crore in FY22, 2.85x more than Rs 9.93 crore, which it spent in FY21. 

This month, Rohit Chennamaneni-led firm bagged $5 million from the State Bank of India (SBI). It passed a resolution to issue 14,523 Series D3 compulsory convertible preference shares at an issue price of Rs 28,105 to raise the entire amount.

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