Darwinbox, a software-as-a-service (SaaS) company, has raised $40 million in funding from Teachers’ Venture Growth (TVG), the investment arm of Ontario Teachers’ Pension Plan that focuses on late-stage and growth companies.
Earlier this year, in March, the Hyderabad-based company raised $140 million in a Series D funding round from Partners Group and KKR, with participation from Gravity Holdings. So far, it has raised a total of $280 million.
Soon after that funding, the company also announced an ESOP buyback plan worth $10 million.
Darwinbox, founded by Jayant Paleti, Rohit Chennamaneni, and Chaitanya Peddi, is a cloud-based HR technology platform that helps companies with hiring, payroll, employee engagement, talent management, and people analytics.
Last year, it teamed up with Microsoft to connect its HR platform with Microsoft’s tools, aiming to make the employee experience better.
Darwinbox says it has worked with over 1,000 companies in different industries across 130 countries. Its clients include big names like Starbucks, Nivea, Cigna, WeWork, and Crisil. In recent years, the company has been expanding to regions like Asia-Pacific, West Asia, the UK, and the US. In August 2024, it promoted its chief technology officer (CTO), Vineet Singh, to co-founder.
Recently, Darwinbox launched an AI-powered product suite that covers many HR tasks and is also working on AI tools to help HR teams with hiring, digital transformation, and other processes.
According to TheKredible, Darwinbox made ₹392.95 crore in revenue from operations in FY24 but recorded a net loss of ₹191.82 crore. Its FY25 results are yet to be announced.
Ontario Teachers’ Pension Plan (OTPP) invests in growth-stage companies through its Teachers’ Venture Growth arm and has also invested in Indian startups like Mintifi, Perfios, and Xpressbees.
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