Darwinbox Digital Solutions raised $72 million through its latest funding round, enabling the HR tech startup to brings its valuation beyond the $1-billion mark thanks outlay from Technology Crossover Ventures (TCV) along with participation from existing investors.
With existing investors — including Salesforce Ventures, Sequoia, Lightspeed, SCB 10X, JGDEV, Endiya Partners and 3One4Capital — taking part in this fourth funding round, Darwinbox has now raised a total of $110 million.
The India-based company said that since the last fundraise from Salesforce Ventures 12 months ago, the company has grown 300% in Southeast Asia. Darwinbox is expecting higher growth this year owing to enhanced demand for digital tools in the workplace post pandemic.
Founded in late 2015, Darwinbox’s cloud based Human Capital Management (HCM) platform caters to HR needs across the entire employee lifecycle. It is now powering digital HR for more than 1.5 million employees from more than 650 enterprises across the globe.
“I am 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,” said Gopi Vaddi, general partner at TCV.
TCV is known for its investments in disruptive tech brands like Netflix, Facebook, Spotify, Airbnb, GoDaddy and Zillow.
The new funding will support Darwinbox’s global expansion plan by allowing the company to accelerate its platform innovation agenda, strengthen its product, engineering and customer success teams along with scaling their go-to-market presence in multiple geographies.
The company is set to triple its team within a year aiming to add more than 100 team members in Southeast Asia across its Singapore, Kuala Lumpur, Jakarta, Manila and Bangkok offices.
“Investing behind technology to manage talent has become inevitable for organisational success,” said Jessica Neal, a venture partner at TCV. “Darwinbox’s demonstrated ability to build agile, innovative and user-friendly solutions along with deep customer-centricity has made them a platform of choice for several leading enterprises.”
Chaitanya Peddi, the product head and cofounder of Darwinbox, said they will continue to invest in new and innovative technology to deliver a frictionless experience for the work-from-anywhere workforce.
“In addition, this year, we will be bolstering our platform offering with a host of ancillary services and solutions that enterprises can plug and play to compose an integrated HR tech ecosystem,” said Peddi.