Darwinbox, a cloud-based HR solutions platform, has secured $15 million (approx ₹106 crore) in series B investment led by Sequoia India as the company aims to accelerate its growth across Asia. While, Endiya Partners, Lightspeed India Partners, and 3one4 Capital also participated in the funding round, which are the existing investors of Darwinbox as well, reported by Yourstory.
Besides aiming to grow its business pan Asia, Darwinbox will use the infused funds to focus on product innovation.
“Asia HR technology market is estimated to be at $9 billion. Also, the increase in mobile users in the geography meant newer possibilities in the way organisations can engage and empower their employees. Enterprises in Asia are migrating to the cloud at a much faster pace than the entire world and we are excited to lead the charge with cutting edge HR technology that is tailored to the Asian context,” said Rohit Chennamaneni, Co-founder, Darwinbox.
Darwinbox was incorporated by Rohit Chennamaneni, Chaitanya Peddi and Jayant Paleti in 2015. The startup platform focuses on all HR needs across an employee’s lifecycle. Darwinbox’s mission from the beginning has been to build a human capital management system that places the employee at the centre.
The startup Darwinbox also enables organisations to engage, empower and elevate the potential of their workforce. The firm claims that Darwinbox has been recognised as one of the most preferred HCM solutions in APAC. It has over 200 customers and has over 500,000 employees across 50 countries.
Jayant Paleti, Co-founder of Darwinbox, added, “Partnering with these investors will help us accelerate our growth across the Asian enterprise market, help maximise the value delivered to our customers, and driver product innovation.”
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. Sequoia India is thrilled to partner with the team to help them expand aggressively in the coming years.”