Thanks to increased investments in research and development and international expansion, the HRTech platform Darwinbox reported a 58% growth in total revenue.  Founded in 2015, Darwinbox’s total revenue has grown by 3.2X in the last 2 years and stands at Rs 393Cr, a 58% increase over the previous year. This revenue growth was on the back of improved efficiency with operating cash burn shrinking by 12% in FY24. The company’s EBITDA margin also improved by 17 percentage points last Financial Year. 

“We grew by 58% last FY on the back of strong execution. In the last 2 years, we’ve made significant investments in R&D and international expansion which have delivered promising results. International markets contributed more than 50% of the new ARR added this fiscal year and are only going to go higher. We are a well-capitalised company and have our sights set on global market leadership. We are incredibly optimistic about the future and will continue prioritising growth while demonstrating strong financial discipline.” said Jayant Paleti, Cofounder Darwinbox.

“Investing in R&D is a must to stay ahead of emerging market trends and leverage technological advancements such as Generative AI. This has already enabled us to integrate intelligent automation, conversational experiences, and smart insights into our platform,” said Paleti.

Customer expansion is another major lever that unlocked growth last year with Net Revenue Retention (NRR) at 110%. Almost 25% of the new revenue added last FY came from the existing customer base subscribing to more Darwinbox offerings, reflecting a strong customer sentiment. This trend is even higher in India with 37% of the new revenue added coming from existing customers. 

Darwinbox launched its product first in India and soon expanded to 5 new countries in Southeast Asia in 2019, followed by an entry into the Middle East in 2021. To further strengthen its global presence, it also launched operations in North America 18 months ago. The company has diversified its geographic presence over the years with the international markets demonstrating a high growth rate of 87% in total revenue last fiscal year and 5X growth in the last 2 years.