HR technology platform, Darwinbox raised $15 million in Series B round of
funding led by marquee investors Lightspeed Venture Partners, Sequoia India,
Endiya Partners and 3one4 Capital. The funds will be utilised in accelerating
penetration into the Asian enterprise market, drive product innovation and
maximize value delivered to customers, according to the company statement.
The business model of Darwinbox is based on a cloud based end-to-end Human
Resource Management (HRMS) platform. Founded in 2015 by Rohit Chennamaneni,
Chaitanya Peddi?and Chaitanya Peddi?in Hyderabad, the platform takes care of
organizations? HR needs across various verticals such as recruitment,
onboarding, core transactions (leaves, attendance, directory), payroll and
expenses, employee engagement, performance management, rewards and recognition
and people analytics.? Technology has become instrumental in making HR processes
more streamlined and structured. Darwinbox is one such platform helping to
achieve these objectives.
Commenting on the funding, Jayant Paleti, co-founder of Darwinbox, said, ?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 orgs to engage, empower and elevate the potential of their
Darwinbox has over 200 customers with more than 500,000 employees spread across
50 countries worldwide. It boasts of an impressive clientele including like
Arvind, Adani, Mahindra, Kotak, GVK group companies, Bharti AXA, Swiggy, Paytm
Dev Khare, Partner at Lightspeed India Partners, from the standpoint of an
investor shared, ?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.? Khare further added thatDarwinbox understands and
delivers on this need better than global providers to lead the market in
enterprise-grade human capital management solutions.
According to the company, its customer base has increased by 5X since its Series
A financing round.
Original Article: https://www.entrepreneur.com/article/340056
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