Latest news with #Darwinbox
Economic Times
3 days ago
- Business
- Economic Times
Elevation Capital raises Wakefit stake in run-up to IPO; buys Rs 32 crore employee shares
Venture capital firm Elevation Capital, which owns nearly 5% stake in the initial public offering (IPO)-bound mattress and furniture retailer Wakefit, acquired shares worth Rs 32.5 crore this year from the company's current and former employees in the months leading up to the company filing its draft papers. These 203,426 shares, which Elevation Capital bought at Rs 1,600 apiece, were allotted to Wakefit employees under the company's 2019 employee stock option plan (Esop), according to its draft prospectus filed on Friday. Under the Esop 2019 programme, Wakefit had granted a total of 8.4 million stock options, of which 4.5 million vested to date, and 413,271 have been exercised, it said in the prospectus. Wakefit filed its draft red herring prospectus (DRHP) on Friday for the IPO through which it will raise Rs 468 crore in fresh capital. The IPO also comprises an offer-for-sale (OFS) component that will see 58.4 million shares being sold by investors. Notably, Elevation Capital is not participating in the OFS component. Wakefit had facilitated an Esop buyback of Rs 15 crore in 2021 as well, which had benefitted 15-20 employees at the time. Esop buyback programmes typically result in companies facilitating secondary purchases of vested stock options by external investors. In some cases, the companies buy these securities back from their employees. On June 24, software-as-a-service (SaaS) firm Darwinbox bought back Rs 86 crore worth of shares from its employees. Over the last year, several other new-age companies, including IPO-bound at-home services platform Urban Company, society management app Mygate, ecommerce firm Meesho, edtech startups Classplus and Adda247, and managed healthcare provider Even Healthcare, have concluded Esop buybacks. Elevation Capital did not respond to queries sent by ET. Wakefit founder Chaitanya Ramalingegowda said in response to a text message, 'We will be unable to comment on the same.'Wakefit, founded in 2016 by Ankit Garg and Ramalingegowda, initially focussed on sleep products such as mattresses, pillows, and bed frames. Over time, it has expanded its portfolio to include a wide range of home products, including sofas, dining sets, wardrobes, study tables, and bookshelves.
Time of India
3 days ago
- Business
- Time of India
Elevation Capital raises Wakefit stake in run-up to IPO; buys Rs 32 crore employees shares
Academy Empower your mind, elevate your skills Venture capital firm Elevation Capital , which owns nearly 5% stake in the initial public offering (IPO)-bound mattress and furniture retailer Wakefit , acquired shares worth Rs 32.5 crore this year from the company's current and former employees in the months leading up to the company filing its draft 203,426 shares, which Elevation Capital bought at Rs 1,600 apiece, were allotted to Wakefit employees under the company's 2019 employee stock option plan (Esop), according to its draft prospectus filed on Friday. Under the Esop 2019 programme, Wakefit had granted a total of 8.4 million stock options, of which 4.5 million vested to date, and 413,271 have been exercised, it said in the filed its draft red herring prospectus (DRHP) on Friday for the IPO through which it will raise Rs 468 crore in fresh capital. The IPO also comprises an offer-for-sale (OFS) component that will see 58.4 million shares being sold by Elevation Capital is not participating in the OFS had facilitated an Esop buyback of Rs 15 crore in 2021 as well, which had benefitted 15-20 employees at the time. Esop buyback programmes typically result in companies facilitating secondary purchases of vested stock options by external investors. In some cases, the companies buy these securities back from their June 24, software-as-a-service (SaaS) firm Darwinbox bought back Rs 86 crore worth of shares from its employees. Over the last year, several other new-age companies, including IPO-bound at-home services platform Urban Company , society management app Mygate, ecommerce firm Meesho , edtech startups Classplus and Adda247, and managed healthcare provider Even Healthcare , have concluded Esop Capital did not respond to queries sent by ET. Wakefit founder Chaitanya Ramalingegowda said in response to a text message, 'We will be unable to comment on the same.'Wakefit, founded in 2016 by Ankit Garg and Ramalingegowda, initially focussed on sleep products such as mattresses, pillows, and bed frames. Over time, it has expanded its portfolio to include a wide range of home products, including sofas, dining sets, wardrobes, study tables, and bookshelves.
Entrepreneur
5 days ago
- Business
- Entrepreneur
Darwinbox Completes INR 86 Cr ESOP Buyback
The announcement comes just months after Darwinbox raised USD 140 million in a funding round led by Partners Group and KKR, with additional backing from Gravity Holdings. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Hyderabad-based HR tech unicorn Darwinbox has announced the successful completion of an INR 86 crore Employee Stock Ownership Plan (ESOP) buyback, benefiting over 350 employees across its 11 global offices, including India, North America, Southeast Asia, and the Middle East. This marks the company's third ESOP buyback in the past four years. Jayant Paleti, Co-founder of Darwinbox, said, "At Darwinbox, we've always believed that those who help build value should share in it. Even as we invest deeply in innovation and global growth, we remain equally committed to creating meaningful outcomes for our people." The announcement comes just months after Darwinbox raised USD 140 million in a funding round led by Partners Group and KKR, with additional backing from Gravity Holdings. The company is using this capital to fuel global expansion and invest in advanced AI capabilities. Chaitanya Peddi, Co-founder at Darwinbox, emphasized the role of talent in driving the company forward. "Talent has always been at the heart of what we do at Darwinbox. We've been intentional about ensuring they grow with the company—not just in impact, but also in wealth creation," he said. Darwinbox recently became the first Human Capital Management (HCM) platform globally to launch a Model Context Protocol (MCP) Server, enabling secure AI access to HR data and workflows. Its GenAI engine, Darwinbox Sense, now powers over 40 AI-based capabilities and has been pivotal in enhancing user experience. The company serves more than 4 million employees across 1,000+ enterprises, including names like Starbucks, McDonald's, Airtel, AXA, and Vedanta. Founded in 2015, Darwinbox is backed by global investors including Microsoft, Salesforce Ventures, Peak XV, and Lightspeed, and continues to redefine the future of work through its cloud-based, AI-driven HR solutions.
Business Upturn
6 days ago
- Business
- Business Upturn
Darwinbox Completes 3rd ESOP Buyback in 4 Years, Reinforcing Commitment to Share Success with Employees
Darwinbox, a leading global provider of AI-powered HR technology, has successfully completed an INR 86 crore Employee Stock Ownership Plan (ESOP) buyback, the third such program in just four years. Over 350 employees spread across the company's 11 global offices in India, North America, Southeast Asia, and the Middle East, benefited from this buyback round. This marks Darwinbox's third buyback in just four years, reflecting the company's continued commitment to rewarding the people behind its growth and building shared success as it scales globally. 'At Darwinbox, we've always believed that those who help build value should share in it. Even as we invest deeply in innovation and global growth, we remain equally committed to creating meaningful outcomes for our people. This buyback, like the ones before, reflects our belief in sharing success with our people and building a culture of ownership,' said Jayant Paleti, Co-founder, Darwinbox. 'Talent has always been at the heart of what we do at Darwinbox, and we've been intentional about ensuring they grow with the company—not just in impact, but also in wealth creation. Some of the best minds from the industry have joined us to help shape the future of work. As we double down on R&D to power an AI-first world, we're excited to welcome great talent on this journey,' said Chaitanya Peddi, Co-founder at Darwinbox. In March 2025, Darwinbox added global private equity giants Partners Group and KKR to its cap table through a $140 million deal—further strengthening its position to lead on two critical fronts: deep technology innovation and global market expansion. That momentum is evident in a series of breakthrough AI product launches. Darwinbox recently became the first-ever HCM platform globally to launch an MCP (Model Context Protocol) Server, enabling any compatible AI agent to interact securely with HR data and workflows on the platform. The company's GenAI engine, Darwinbox Sense, now delivers over 40+ embedded AI capabilities, driving smarter decisions and elevated experiences. Darwinbox also recently rolled out a multi-country payroll solution across 10 new geographies within the last year, solidifying its capability to serve complex global organizations. Darwinbox powers modern HR technology experiences for over 4 million employees across 1000+ enterprises, from large conglomerates to high-growth tech companies. Brands like Starbucks, McDonald's, AXA, Cigna, WeWork, Airtel, and Vedanta trust the platform to power their people strategies at scale. The trust of its customers is paralleled by analyst recognition. Darwinbox has been named a Customers' Choice on Gartner Peer Insights for four years in a row. It is also the youngest and only Asian company to be recognized as a Challenger in the Gartner Magic Quadrant for Cloud HCM Suites for enterprises with over 1,000 employees, validating its growing global influence in a space long dominated by legacy players. Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
Time of India
6 days ago
- Business
- Time of India
Darwinbox buys back $10 million ESOPs with 3rd such round in 4 yrs
Hyderabad: HRTech unicorn Darwinbox has completed a Rs 86 crore ($10 million) employee stock ownership plan (ESOP) buyback, marking its third and largest such buyback programme in the past four years. Over 350 employees located across the company's 11 global offices in India, North America, Southeast Asia, and the Middle East benefited from this buyback round, which was offered to reward employees, the Hyderabad-based unicorn said on Monday. In March 2025, Darwinbox added global private equity giants Partners Group and KKR to its cap table through a $140 million deal that was aimed at strengthening its position in deep technology innovation and global market expansion. 'At Darwinbox, we've always believed that those who help build value should share in it. Even as we invest deeply in innovation and global growth, we remain equally committed to creating meaningful outcomes for our people. This buyback, like the ones before, reflects our belief in sharing success with our people and building a culture of ownership,' said Darwinbox Co-founder Jayant Paleti. 'Talent has always been at the heart of what we do at Darwinbox, and we've been intentional about ensuring they grow with the company—not just in impact, but also in wealth creation. Some of the best minds from the industry have joined us to help shape the future of work. As we double down on R&D to power an AI-first world, we're excited to welcome great talent on this journey,' said Chaitanya Peddi, Co-founder, Darwinbox.
