Darwinbox, an HR-tech platform, expects international markets to contribute over 50 per cent of its revenue by the end of FY25 up from nearly 50 per cent currently.
These markets include Southeast Asia (including the Philippines, Singapore, Indonesia, and Malaysia), the Middle East, the UK, Canada, and the US. “During the first two quarters of this year, international markets contributed more than 50 per cent of our revenue, surpassing the contribution from India. We expect this percentage to continue increasing moving forward,” noted Chaitanya Peddi, Co-founder of Darwinbox.
Along with its existing markets, the company expects the US market to further accelerate this growth. “The US will also accelerate the momentum and contribute significantly to the growth percentage. We have a very strong pipeline in the US, and we are confident that we will be able to make a dent in the US market,” remarked Peddi.
The company’s revenue was up by 58 per cent to ₹393 crore in FY24, from ₹249.5 crore in FY23. The growth was driven by R&D investments, rising international revenue share, and increasing revenue contribution from existing customers, added Peddi.
EBITDA margin improved by 17 per cent compared to the previous fiscal year. Explaining the revenue contribution across sectors, Peddi noted that although Darwinbox is sector-agnostic, 50 per cent of its revenue comes from the BFSI, manufacturing, industrial, IT, and consulting sectors.
Founded in 2015, the company is backed by investors including TCV, Microsoft, Salesforce Ventures, Peak XV, Lightspeed, and Endiya Partners.