Hyderabad-based HR Tech Start-up Darwinbox Raises $15 Mn in Series B Round of Funding
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HR technology platform, Darwinbox raised $15 million in Series B round of funding led by marquee investors Lightspeed Venture Partners, Sequoia India, Endiya Partners and 3one4 Capital. The funds will be utilised in accelerating penetration into the Asian enterprise market, drive product innovation and maximize value delivered to customers, according to the company statement.
The business model of Darwinbox is based on a cloud based end-to-end Human Resource Management (HRMS) platform. Founded in 2015 by Rohit Chennamaneni, Chaitanya Peddi and Chaitanya Peddi in Hyderabad, the platform takes care of organizations’ HR needs across various verticals such as recruitment, onboarding, core transactions (leaves, attendance, directory), payroll and expenses, employee engagement, performance management, rewards and recognition and people analytics. Technology has become instrumental in making HR processes more streamlined and structured. Darwinbox is one such platform helping to achieve these objectives.
Commenting on the funding, Jayant Paleti, co-founder of Darwinbox, said, “Talent is core to the success of any business. Our mission from day one has been to build a human capital management system that puts employees squarely at the center and enables orgs to engage, empower and elevate the potential of their workforce.”
Darwinbox has over 200 customers with more than 500,000 employees spread across 50 countries worldwide. It boasts of an impressive clientele including like Arvind, Adani, Mahindra, Kotak, GVK group companies, Bharti AXA, Swiggy, Paytm etc.
Dev Khare, Partner at Lightspeed India Partners, from the standpoint of an investor shared, “Asia has a unique mix of decades-old conglomerates, new high-growth enterprises, millennial-heavy populations, regional multinationals and diversity of languages and cultures. Enterprise products in Asia need to be consumer-grade in terms of usability, yet highly configurable for all the heterogeneity in use-cases.” Khare further added that Darwinbox understands and delivers on this need better than global providers to lead the market in enterprise-grade human capital management solutions.
According to the company, its customer base has increased by 5X since its Series A financing round.