HR technology platform Darwinbox raises US $72 Million round led by Technology Crossover Ventures (TCV) at $1 billion+ valuation

Demonstrating triple digit growth every year, Darwinbox is sprinting towards market leadership in Asia and doubling down on its global expansion.

Singapore, 25-Jan-2022: Darwinbox, Asia’s fastest growing HR tech platform, today announced another milestone with a US $72 million funding round, leapfrogging the company to a billion-plus-valuation. Led by Technology Crossover Ventures (TCV) along 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 $110 million. The company has grown 200% in revenue since the last fundraise from Salesforces Ventures 12 months ago and has added more than 700,000 users on the platform in the same period.

Founded in late 2015 by Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni, 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.

The new funding is intended to supercharge 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 South Asia, SEA and MENA. The company is expecting its headcount to grow by 100% and is also setting up to launch in the U.S. in 2022.

2021 represented one of the most transformative years in defining the future of work. Organizations all over the world were tested on their ability to respond to and thrive during times of change. Extraordinary focus on enabling workforces to thrive in an uncertain environment, and keeping them happy and productive, no matter where they were, stood out as a priority for every CXO.

Darwinbox is at the heart and center of this movement, enabling more than 650 large enterprises to empower and engage their talent with its mobile-first hire-to-retire HR lifecycle platform providing Workforce & Talent Management, Employee Engagement, Compensation and Benefits, People Analytics, and HR service delivery suites. More than 1.5 million employees from leading global brands including Nivea, T-Systems, Starbucks, Dominos, AXA, Tokio, Cigna, MakeMyTrip and many others joined the Darwinbox platform.

“We get most excited investing behind visionary founders that we believe are fundamentally transforming large industries with a highly resonant product,” said Gopi Vaddi, a General Partner at TCV. “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.”

“Investing behind technology to manage talent has become inevitable for organizational success,” added Jessica Neal, former Chief Talent Officer at Netflix, and 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.”

‘’ We strongly believe in a simple first-principle — people are at the core of every successful enterprise. And technology is the most scalable way for organizations to unlock the true potential of its people,” said Rohit Chennamaneni, co-founder of Darwinbox. We have seen the impact of executing on this belief by allowing our customer-enterprises to truly harness the demographic dividend that a young Asian workforce promises. We’re now ready to take the same first-principle and solution for the world.”

On expanding product investments, Chaitanya Peddi, Co-founder and Product Head of Darwinbox shares: 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.

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 extensible and integrated HR tech ecosystem.”

About Darwinbox is a cloud-based HR Technology platform which caters to an organization’s HR needs across the entire employee lifecycle including Recruitment, Onboarding, Core Transactions (Leaves, Attendance, Directory), Payroll, Travel and Expenses, Employee Engagement, Performance Management, Rewards & Recognition and People Analytics. The innovative platform combines highly configurable workflows, intelligent insights and smart interfaces to help enterprises unleash the true potential of their workforce. Rated the highest globally among HCM players on Gartner’s customer review platform, Peer Insights, Darwinbox is trusted by 650+ global enterprises with more than 1.5 million employees spread across 90+ countries and is backed by leading investors including Salesforce Ventures, Sequoia Capital, Lightspeed India, TCV, SCB 10X, JGDev, Endiya Partners and 3One4Capital.

Media Contact: Gowthami Kanumuru, Darwinbox | Gowthami.k@darwinbox.in | +91 7702436644

About TCV Founded in 1995, TCV was established with a clear vision: to capture opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies. Since inception, the firm has built a track record of successfully backing public and private businesses that have developed into dominant industry players across internet, software, FinTech, and enterprise IT. TCV has invested over $16 billion to date and has helped guide CEOs through more than 145 IPOs and strategic acquisitions. TCV has invested in cutting edge technology companies including Airbnb, Believe, Brex, Dream Sports, FarEye, HireVue, Mollie, Nubank, Razorpay, Netflix, Nerdy, RELEX Solutions, Revolut, RMS, Sportradar, Spotify, Trade Republic, The Pracuj Group, and Zepz. TCV has successfully executed over 350 investments of varying structures, including mid-stage, late-stage and public company investments, and has offices in Menlo Park, New York, and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com/.

Media Contact: Katja Gagen, TCV| kgagen@tcv.com | +1 415 690 6689

Originally published at https://www.tcv.com on January 25, 2022.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
TCV

TCV

594 Followers

TCV backs growth-stage private & public tech companies. For a complete list of TCV investments, visit: www.tcv.com/portfolio-list.