Darwinbox, a Hyderabad-based corporate HR Tech company, has raised more than $1 billion in funding from investors including a unit of Salesforce.com Inc. and Sequoia Capital, making it one of the few Asian software businesses to reach that milestone.
According to Darwinbox, the investment round was headed by Technology Crossover Ventures (TCV), with participation from previous investors Salesforce Ventures, Sequoia Capital, Lightspeed Venture Partners, Endiya Partners, and 3One4Capital. The company has raised more than USD 110 million to date and has expanded by 200 percent since its last round of funding a year ago.
The new funding will be used to drive product innovation and global expansion, including a launch in the United States this year, according to the business. Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni, the three co-founders, came together in November 2015 to create a world-class technological product from Hyderabad for the rest of the world. “We get the most enthused about investing in founders that are fundamentally changing enormous markets. I’m also proud to support an exceptional team located in my hometown, led by Jayant, Rohit, and Chaitanya, that is accomplishing just that in the extremely influential HR technology field. We are delighted to join them on their path to global leadership “TCV’s General Partner, Gopi Vaddi, stated.
Darwinbox’s HR software is used by over 650 companies throughout the world. JSW, Adani, Mahindra, Vedanta, SBI General Insurance, Kotak, TVS, National Stock Exchange, Ramky, Aurobindo, Yashoda, Bigbasket, Swiggy, and Makemytrip are among its famous customers, which include Asia’s top conglomerates and fast-growing technology unicorns.
“We set out on a quest to provide smarter and better technologies for today’s workers. “We will be aiming to recruit exceptional talent and hire exponentially across all geographies as we develop further and aspire for global leadership,” Jayant Paleti, Darwinbox’s co-founder, said. The company currently has 12 global offices with over 700 people and plans to aggressively expand its headcount and global footprint.