We at Darwinbox, Asia’s leading enterprise HR technology platform, are excited to announce a USD 15 million (INR 105 Crore) Series B investment. This round was led by Sequoia India along with participation from existing investors Lightspeed India Partners, Endiya Partners, and 3one4 Capital.
Darwinbox’s cloud-based end-to-end Human Resource Management (HRMS) platform caters to HR needs across the entire employee lifecycle (hire-to-retire).
“Talent is core to the success of any business. Our mission from day one has been to build a human capital management system, that puts employees squarely at the center and enables organisations to engage, empower & elevate the potential of their workforce. This has made us the HR platform of choice for 200+ leading Asian enterprises.” says Jayant Paleti, Co-founder, Darwinbox. “Partnering with marquee investors will accelerate our penetration into the Asian Enterprise market, drive product innovation and maximize value delivered to customers.”
Harshjit Sethi, Principal, Sequoia Capital India LLP, said, “Recruiting, retaining and upskilling talent is a top priority of every company today. Darwinbox is the clear emerging leader in the fast-growing cloud-based HR management software space in Asia. The Darwinbox team combines world-class product sensibilities with a unique understanding of local nuances in HR in Asia to provide a compelling and delightful product to their customers, a sentiment we heard expressed by several HR leaders. Sequoia India is thrilled to partner with the team to help them expand aggressively in the coming years.”
Recognized as one of the most preferred HCM solutions in APAC (Gartner 2018), Darwinbox has over 200 customers with 500,000+ employees spread across 50 countries worldwide. Some of our notable customers ranging from multi-sectoral conglomerates to technology unicorns include Arvind, Adani, Mahindra, Kotak, GVK group companies, Bharti AXA, Dr.Reddy’s, Bisleri, Nivea, Swiggy, Paytm, and Times Internet etc. Furthermore, we have a dominant presence in sectors such as Pharma, Healthcare, Manufacturing, BFSI, Consumer Products, Technology, and Retail.
Darwinbox operates in the same space as traditional tech giants like SAP, Oracle, and Workday, but has successfully established itself in the market, competing against them and displacing them in multiple organizations. The high level of configurability, ease of use (with mobile centricity) and faster time-to-value are some of the key reasons why the product has seen immense traction in the large enterprise segment.
“At Adani Wilmar, our vision is to have an end-to-end HR platform that is agile, intuitive, and functionally deep. With Darwinbox, we have moved a step closer to achieving all that we desired for. Not only has Darwinbox’s HR technology helped our workforce to get aligned with the business goals – the team understood our context like no other and has been our rock throughout the process.” said Satyendra Gaur, Head HR, Adani Gas & Ex-Head HR, Adani Wilmar.
Since raising our Series A funding in June 2017, the company’s customer base has increased by 5X and revenue metrics have grown by 900%. “Asia has a unique mix of decades-old conglomerates, new high-growth enterprises, millennial-heavy populations, regional multinationals and diversity of languages and cultures. Enterprise products in Asia need to be consumer-grade in terms of usability, yet highly configurable for all the heterogeneity in use-cases. Darwinbox understands and delivers on this need better than global providers to lead the market in enterprise-grade human capital management solutions.” said Dev Khare, Partner, Lightspeed India Partners.
This is an important milestone in our journey and will be a major accelerator in accomplishing our vision to build a great product company from Asia. This round also places us amongst the most well-capitalized private HR technology players in the region, and with the new raise, we hope to continue pioneering with our product innovation edge and jumpstart our APAC expansion.