Darwinbox, the Hyderabad-based HR tech unicorn, has raised $40 million (approximately INR 335 crore) in a fresh funding round led by Teachers’ Venture Growth (TVG), the late-stage investment arm of the Ontario Teachers’ Pension Plan. This funding comes just months after the company secured $140 million in a Series D round, further solidifying its position as a leading global player in the human capital management (HCM) space.
The latest investment is a combination of primary and secondary funding, indicating both confidence in Darwinbox‘s long-term vision and providing early investors or employees an opportunity for partial exit or liquidity.
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Darwinbox Eyes North American Expansion
In an official statement, Darwinbox revealed that the funds will be strategically deployed for accelerating global expansion, with a special focus on scaling operations in North America — a highly competitive and lucrative market for enterprise HR software.
The move aligns with Darwinbox’s ambitious growth plans as it looks to challenge established HCM players such as Workday, SAP SuccessFactors, and Oracle HCM Cloud. The company aims to differentiate itself by offering a more agile, AI-powered, and user-centric platform that addresses the evolving needs of modern HR teams.
Doubling Down on AI-Driven HR Solutions
A significant portion of the new funding will also be allocated to advancing artificial intelligence capabilities within the Darwinbox platform. As organizations increasingly turn to AI to optimize workflows, improve employee experience, and drive talent management, Darwinbox plans to invest heavily in R&D to stay ahead of the curve.
The platform currently supports a wide range of HR functions, including core HR, payroll, recruitment, onboarding, performance management, workforce analytics, and employee engagement. Enhancing AI features across these modules will not only improve automation and decision-making but also deliver predictive insights for HR leaders and managers.
A Fast-Rising Star in HR Tech
Founded in 2015 by Jayant Paleti, Chaitanya Peddi, and Rohit Chennamaneni, Darwinbox has rapidly scaled its operations and clientele. Its cloud-based HCM suite is now used by over 900 enterprises across 110 countries. Clients span diverse industries, including BFSI, IT, manufacturing, retail, and healthcare.
What sets Darwinbox apart is its mobile-first design, intuitive user experience, and deep customization capabilities, which have made it a preferred choice for enterprises looking to modernize their HR systems.
Investor Confidence Signals Strong Future
TVG’s investment in Darwinbox is part of its strategy to back innovative, high-growth companies with the potential for global scale. According to TVG, Darwinbox’s strong product-market fit, customer satisfaction, and expansion potential made it a compelling addition to its portfolio.
As Darwinbox continues to grow its global footprint and invest in next-gen AI technologies, this fresh infusion of capital places it in a strong position to become a global leader in HCM solutions.
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