This is one of Salesforce Ventures’ first investments in India. With this partnership, Darwinbox aims to accelerate digital HR adoption, deepen product offering and further their mission to become market leader in the HCM space.
Hyderabad, 19 January 2021: Darwinbox, one of Asia’s leading enterprise HR technology platforms, announces the closing of its INR 107 crores funding round led by Salesforce Ventures. This follows the company’s Series B round raised in September 2019 led by Sequoia India with participation from existing investors Lightspeed India, Endiya Partners, and 3one4 Capital, bringing the total investment in the company to INR 250 crores. The company revenues have grown by over 300% since the last round of funding.
“India is home to one of the world’s youngest population, and by 2050, it is expected to account for over 18% of the global working age population,” says Arundhati Bhattacharya, Chairperson and CEO, Salesforce India. “This makes technology platforms like Darwinbox, that focuses on workforces, incredibly important. I’m proud that Salesforce is supporting Darwinbox on their journey as they continue to grow and innovate in this space.”
Founded by Chaitanya Peddi, Jayant Paleti and Rohit Chennamaneni – Darwinbox’s new-age, hire-to-retire Human Capital Management (HCM) platform helps enterprises empower, engage and elevate the potential of their workforce.
Darwinbox’s HR technology powers more than 500 global enterprises with over 1 million employees spread across 60 countries. Some of their notable customers, range from Asia’s largest conglomerates to fast-growing technology unicorns including Adani, Mahindra, Kotak, TVS, Ramky, Greenko, Dr. Reddy’s, L&T Metro, NSE, Nivea, Puma, Swiggy, Bigbasket, Delhivery and more.
“Five years ago, Darwinbox was one of the few SaaS technology firms to start in Hyderabad. Since then, we have come a long way to now competing on the global platform. Promising technology talent and a growing entrepreneurial ecosystem in the city played a major role in our growth and success”, says Chaitanya Peddi, Co-founder, Darwinbox. “We are humbled and honored by the growth we’ve seen as well as the opportunity to partner with over 500 leading enterprises to drive their HR transformation agenda. We will work with Salesforce closely to maximize value to our customers, continue building out our product stack and accelerate global expansion”, he added.
Darwinbox witnessed a massive surge in adoption during the pandemic. Their integrated product suite also came equipped with solutions that turned out to be critical for the new mode of work including features like touchless attendance, digital rewards, employee engagement, digital hiring and onboarding. With over 180 implementations done remotely just during the lockdown, and a record high revenue growth, Darwinbox has cemented its place as one of the most preferred HR technology platforms in the APAC region.
“We have always strived to bring the best to our enterprise customers through our people, technology and processes. The Salesforce partnership will help us learn from the global SaaS leader on best practices across the board to serve our customers better” says, Rohit Chennamaneni, Customer Success Director, Darwinbox