HR tech startup Darwinbox becomes unicorn with $72mn funding

As new start-ups evolve and establish themselves each day, Indian origin HR tech startup Darwinbox has entered the unicorn benchmark as its value tripled. The platform has announced raising a funding of $72 million as it leads the ‘SaaSification of Asia’.

It has ben reported that the funding was led by Technology Crossover Ventures (TCV), a renowned investor firm famous for backing firms like Meta, Netflix, Airbnb and Spotify. TCV helped raise the startup a sum of $72 million in Series D funding.

As per credible reports, the existing investors like Salesforce Ventures, Endiya Partners, Lightspeed Venture Partners and others also participated in the funding, which has pushed the six-year-old startup’s valuation over $1 billion.

Darwinbox functions with a cloud-based human resource management platform which manages the entire process ranging from ‘hiring to retiring’ needs of the employees.  

It has been confirmed that the startup’s offerings include a digital social network for employees to ensure connectivity of employees along with an AI assistant which helps in the setting up of meetings or application of leaves with voice commands via phones.

Therefore, these features have helped Darwibox secure a position of the only Asian startup to be listed on Gartner’s Magic Quadrant for organizations Cloud HCM.

According to sources, vast number of organizations like Domino’s, Starbucks, Kotak, Zilingo use the platform offered by the startup to manage the processes of hiring, onboarding, gaining visibility of the employees’ performance and others.

Chaitanya Peddi, Co-founder, Darwinbox, started that the COVID-19 pandemic accelerated the growth of the startup’s platform as organizations throughout the world scrambled to find platforms and tools, in order to stay connected with their employees for functioning.

Moreover, the startup claimed to have doubled its revenue in the previous year and it developed by three times in the Southeast Asia region, which accounts for 20% of the firm’s total revenue.

Source credit:- https://techcrunch.com/2022/01/24/darwinbox-hr-tech-gartner-tcv-unicorn/