Darwinbox , Hyderabad-based HR tech SaaS platform has raised $40 million in fresh funding from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of the Ontario Teachers’ Pension Plan (OTPP). This latest investment strengthens Darwinbox’s position as one of India’s leading enterprise SaaS players in the HR technology space.
Strong Funding Track Record
Darwinbox has consistently attracted top global investors.
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Raised $140 million in Series D (March 2024) from Partners Group and KKR, with Gravity Holdings’ participation.
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Announced a $10 million ESOP buyback program after the Series D round.
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With the latest investment, Darwinbox has raised a total of $280 million to date.
Cloud-Based HR Tech Platform
Founded by Jayant Paleti, Rohit Chennamaneni, and Chaitanya Peddi, Darwinbox offers an end-to-end human capital management (HCM) solution. Its platform helps enterprises streamline:
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Recruitment & Onboarding
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Payroll & Compliance
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Employee Engagement
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Talent & Performance Management
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People Analytics
Key milestone:
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In 2023, partnered with Microsoft to integrate Darwinbox’s HCM with Microsoft’s tools for enhanced employee experience.
Expanding Global Footprint
Darwinbox is rapidly scaling its presence outside India.
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1,000+ enterprise customers across 130 countries
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Global clients include Starbucks, Nivea, Cigna, WeWork, and Crisil
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Expanding in Asia-Pacific, West Asia, UK, and US
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In August 2024, Vineet Singh (CTO) was elevated to co-founder, signaling stronger leadership for global expansion.
Investing in AI-Powered HR
Darwinbox is actively leveraging AI to transform HR functions. Recent initiatives include:
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Launch of an AI-powered HR product suite
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Development of AI-driven HR agents to assist professionals in:
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Talent acquisition
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Digital transformation
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Employee lifecycle management
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This AI-first approach aims to automate repetitive HR tasks and empower enterprises with data-driven decision-making.
Financial Performance
According to TheKredible:
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FY24 revenue from operations: ₹392.95 crore
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FY24 net loss: ₹191.82 crore
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FY25 financials are yet to be disclosed.
Despite losses, strong revenue growth and fresh funding indicate long-term scalability.
OTPP’s Growing Bet on Indian Startups
OTPP, through Teachers’ Venture Growth, has been actively investing in India’s startup ecosystem. Its portfolio includes:
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Mintifi (supply chain financing)
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Perfios (fintech SaaS)
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Xpressbees (logistics and e-commerce delivery)
Darwinbox now joins this list as OTPP doubles down on Indian SaaS and digital-first businesses.
The Road Ahead
With the new funding, Darwinbox is expected to:
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Accelerate international expansion
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Invest heavily in AI-powered solutions
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Strengthen leadership and product innovation
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Cement its status as a global HR tech leader
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