Darwinbox aims to fast-track digital HR adoption and expand its product offering with the new investment
Darwinbox, an India-based enterprise human resources (HR) technology platform, has raised $15m in a Series C funding round led by Salesforce Ventures, the venture arm of US cloud-based software company Salesforce.
Lightspeed India, Endiya Partners, and 3one4 Capital, which are the company’s existing investors, also took part in the new financing round.
Darwinbox intends to use the new capital to speed up digital HR adoption, expand its product offering, and move towards becoming a major force in the human capital management (HCM) space.
Darwinbox co-founder Chaitanya Peddi said: “Over the past years, we’ve shipped products at a rapid pace to become the most comprehensive HR suite and pioneered first-of-its-kind innovations to deliver superior employee experience.
“We will leverage the new investment to speed the introduction of exciting new solutions and advance R&D to deploy deep-technology capabilities.”
The HR technology platform also raised $15m in a Series B round that was held in September 2019, and led by Sequoia India.
Till date, Darwinbox has secured a total investment of $35m.
Darwinbox’s HR technology is said to be used by over 500 enterprises across the world, covering more than a million employees in 60 countries. The company’s clients include Adani, Mahindra, Swiggy, Kotak, NSE, Ujjivan Small Finance Bank, TVS, Arvind, and Dr.Reddy’s.
Its cloud-based SaaS HR Technology platform is claimed to cover the HR requirements of organisations across the entire employee life cycle. The platform covers the HR needs pertaining to recruitment, onboarding, payroll, travel and expenses, core transactions, performance management, employee engagement, and others.
Salesforce Ventures partner and international head Alex Kayyal said: “Cloud adoption in Asia is growing at a monumental pace and the pandemic has only further amplified the importance of going digital.
“Darwinbox is delivering innovation for Asia’s leading enterprises and has emerged as a top platform of choice. We are excited to be a part of Darwinbox’s journey and support them in their mission.”