Revenue at India-based HRtech startup DarwinBox increased by 91.5% year on year (y-o-y) to INR2.2 billion ($26.9 million U.S.) during the 12 months to March 2023 (FY22-23), Entrackr reports. Subscriptions to its solutions suite accounted for 79% of company revenue in FY22-23.
However, the company recorded a loss of INR1.5 billion in FY22-23, up 140% y-o-y. Total expenses more than doubled y-o-y to INR4.0 billion, with employee benefits accounting for 55% of this.
Founded in 2015 by Chaitanya Peddi, Jayant Paleti and Rohit Chennamaneni and headquartered in Hyderabad, DarwinBox is a provider of HR management software.
Operating 12 offices worldwide with about 1,000 employees, DarwinBox says it has more than two million users in 800 companies across 100 countries.
The State Bank of India, a government-owned corporation, invested $4.9 million in DarwinBox in January this year.