Darwinbox, a human capital management (HCM) platform that utilizes artificial intelligence, has secured $140 million in a recent funding round. This investment was co-led by KKR and Partners Group, demonstrating strong confidence in the firm’s trajectory. The company, launched in 2015 as a mobile-first, Software-as-a-Service (SaaS) platform, focuses on streamlining hiring, onboarding, and employee administration.
The funding comprised sales of both primary and secondary shares, with some existing investors opting to sell portions of their stakes. Notable Darwinbox investors include Microsoft, Salesforce, Sequoia, TCV, Peak XV (formerly Sequoia India), and Lightspeed.
Founded by Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni, Darwinbox has expanded its operations internationally over the past decade, making inroads particularly in the US, Asia Pacific, the Middle East, and the UK.
In October 2024, the HR tech firm, which is known for its user-friendly interface that simplifies daily HR transactions and requests, announced a 58% year-on-year increase in revenue, reaching Rs 392 crore in FY24. This growth underscores the rapid expansion of the Indian HR tech startup, which has seen its revenue increase more than threefold over the past couple of years, with an 87% rise in global revenue. A significant portion, approximately 50%, of Darwinbox’s new annual recurring revenue (ARR) in FY24 can be attributed to its expansion into the Middle East, Southeast Asia, and North America. Darwinbox previously secured funding in 2022 at a valuation exceeding $1 billion.
