Rippling, an HR tech startup, revealed on Friday that it has raised $450 million in a Series G round, taking its valuation to $16.8 billion. The business is interested in growing its workforce management products and accelerating revenue growth at the global level over becoming profitable in the near future.

The funding round also received participation from other prominent investors such as Y Combinator, Elad Gil, Sands Capital, GIC, and Goldman Sachs Growth, among other current backers. Moreover, the San Francisco-based company also plans to buy back as much as $200 million in equity from current and former employees through a tender offer.

CEO Praker Conrad stated the tender offer was likely to be an annual one, following the trend among many top private firms that want to stay private yet still offer liquidation options to employees and original investors.

"I think the company must reach profitability before it thinks about an IPO," Conrad said in an interview. "We have no immediate plans to go public, but we are at a size where we would like to create liquidity opportunities for our employees and investors."

This round of investment, pegging Rippling higher than its initial $13.5 billion valuation in early 2024, was beset by unexpected difficulties because it coincided with President Trump's tariff news that has created massive stock market turmoil. It comes as well during an ongoing litigation battle with rival Deel, which has been charged with corporate espionage.