Darwinbox, Asia’s fastest growing HR tech platform, has announced the close of a $72m funding round, leapfrogging the company to a billion-plus-valuation.
Led by Technology Crossover Ventures (TCV), with participation from existing investors Salesforce Ventures, Sequoia India, Lightspeed India, Endiya Partners, 3One4Capital, JGDEV and SCB10X, the round takes the total investment in the company to over $110m. The company has grown 200% in revenue since the last fundraise from Salesforces Ventures 12 months ago and has added over 700,000 users on the platform in the same period.
Founded in 2015, Darwinbox currently stands as the youngest and the only player with origin in Asia in the Gartner Magic Quadrant for Cloud HCM that serve 1000+ employee enterprises. It is also rated the highest (4.8) globally on Gartner’s customer reviews platform, Peer Insights, and is racing ahead of global leaders like SAP, Oracle and Workday – a position the company secured on the back of innovative technology, deeper understanding of market context, intuitive user experience, and great customer traction.
In 2021, over 1.5 million employees from leading global brands including Nivea, T-Systems, Starbucks, Dominos, AXA, Tokio, Cigna, MakeMyTrip joined the Darwinbox platform.
The new funding will accelerate Darwinbox’s global expansion plan by allowing the company to push its platform innovation agenda, strengthen its product and engineering and customer success teams, and scaling its go-to-market presence in South Asia, SEA and MENA. The company is expecting its headcount to grow by 100% and is also setting up to launch in the US in 2022.
Rohit Chennamaneni, Darwinbox co-founder, said: “We have believed, advocated, and have repeatedly been validated on, a simple first-principle— people are at the core of every successful enterprise. Many organisations have barely scratched the surface of unlocking the true potential of their people. We started building for Asia because we grasped, early on, the sheer impact we can create by allowing our customer-enterprises to truly harness the demographic dividend that a young Asian workforce promises. We’re ready to take the same first-principle and ambition to the world.”
Gopi Vaddi, general partner at TCV, said: “We get most excited investing behind visionary founders that are fundamentally transforming large industries with a highly resonant product. We are delighted to back an outstanding team that is doing exactly that in a highly impactful, fast-evolving HR technology space and partner with them on their journey to global HCM leadership.”