HR-tech startup Darwinbox enters unicorn league with TCV backing

 HR-tech startup Darwinbox enters unicorn league with TCV backing

Darwinbox, an Indian human resources technology startup, said Tuesdday it has raised $72 million in a new round of funding led by US-based growth equity investor Technology Crossover Ventures (TCV).

Existing investors Salesforce Ventures, Sequoia Capital, Lightspeed, SCB 10X, JGDEV, Endiya Partners, and 3One4Capital also took part in the round.

This brings the total investment raised thus far to over $110 million, the company said.

TCV, the lead investor, was founded in 1995 and has invested over $16 billion to date across more than 350 companies. Its well-known bets include Airbnb, Dream Sports, FarEye, Nubank, Razorpay, Netflix and Spotify.

Darwinbox said it 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.

The new round also propels Darwinbox into the unicorn club of startups with a valuation of at least $1 billion. Darwinbox becomes at least the third Indian company to achieve the milestone, after LEAD School and Fractal Analytics, in 2022. More than 40 companies turned unicorns last year thanks to a startup funding boom.

Hyderabad-based Darwinbox was founded in 2015 by Jayant Paleti, Rohit Chennamaneni and Chaitanya Peddi. The company says its HR technology is used by more than 650 companies including JSW, Adani, Mahindra, Vedanta, SBI General Insurance, Kotak, TVS, National Stock Exchange, Aurobindo Pharma, Bigbasket, Swiggy and MakeMyTrip.

The company has 12 offices with over 700 employees globally. It plans to double its headcount and launch in the US this year. It also plans to use the fresh capital to strengthen its product, engineering and customer success teams along with scaling its go-to-market presence in South Asia, Southeast Asia, and Middle East and North Africa.

“As we scale further and aim for global leadership, we will be looking to add great talent and hire exponentially across all geographies,” said Paleti.

Sumit Upadhyaya

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