I just watched another startup in the same reference class grow at a similar speed, and I don't believe you. Suppose it takes 20 interview loops to hire one very good engineer, and each loop takes on average 10 engineer-hours. That's 200-engineer-hours per new hire, or about one engineer-month. That means if you have 100 engineers at Box (correct me if I'm way off base here, but 25 on 100 in a quarter sounds like a reasonable fast growth) you can hire 25 new engineers in a quarter while spending only 10% of your total labor recruiting.
The reason this doesn't usually work is because most engineers don't spend 10% of their time helping with recruiting. That is in my opinion an unforced error. They should.