India-based Darwinbox, a leading cloud-based Human Resources Management System (HRMS) for automating the entire employee lifecycle in a single platform, raised USD 72 million on 25th January 2022.
Investors: Technology Crossover Ventures led the investment round, including Salesforce Ventures, Sequoia, Lightspeed, SCB 10X, JGDEV, Endiya Partners, and 3One4Capital. The startup has raised more than US$ 110 million in total, making it one of Asia’s most well-capitalised HR tech players. Based on the startup’s robust growth since its last funding, its valuation is more than USD 1 billion, making it a unicorn startup.
Purpose of funding: The startup’s primary focus is to use the funds across three segments. This includes improving visibility into employee sentiment through the collection of rich data. Another is giving managers access to the right data and permissions at every level of the organisation to gain more control. And create opportunities for HRs and businesses to improve the customer experience on the platform.
About Darwinbox
Founded in 2015 by Chaitanya Peddi, Jayant Paleti, Rohit Chennamaneni, Darwinbox is located in Hyderabad, India. Darwinbox is a leading cloud-based Human Resources Management System (HRMS) for automating the entire employee lifecycle in a single platform. An enterprise social network is hosted on the company’s platform to capture employee feedback and data for analytics. Administrators can send announcements, notifications, and other broadcasts to employees without corporate email addresses, driven by AI and automation. Furthermore, the platform can process HR documents such as bills, expenses, and employee IDs and match job applicants to available positions through a skill taxonomy and multi-format CV parsing.
What the founders have to say
“It is a milestone; we will feel happy about it for maybe a day, but after that, it is going back to business. It is just a milestone and not the destination. The journey has been a humbling one, with customers believing and taking bets on us at different stages. Also, our employees took the faith and belief in Darwinbox in the early days, and the right investors came at the right time,” said Rohit Chennamaneni, Co-founder at Darwinbox.
“Valuations are an outcome, and these are generally tough to handle. What we can control is the product. Building for extraordinary agility and delivering stellar employee experience have been critical in defining success for Darwinbox’s customers. We will continue to invest in new and innovative technology to deliver a frictionless experience for the work-from-anywhere workforce,” said Chaitanya Peddi, Co-founder at Darwinbox.
What the investor has to say
“Investing behind technology to manage talent has become inevitable for organisational success. Darwinbox demonstrated the ability to build agile, innovative, and user-friendly solutions along with deep customer-centricity – which has made them a platform of choice for several leading enterprises,” said Jessica Neal, Venture Partner at TCV.
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