HRTech startup Darwinbox raises $40M from Canada's TVG
Though the Hyderabad-based startup did not disclose the quantum of stake TVG has acquired, it said the Canadian fund picked up stake through primary and secondary transactions.
The latest round comes less than six months after Partners Group and KKR led a $140 million funding round, which largely included a secondary fundraise where some of the early investors offloaded a portion of their stake and a small primary fundraise component.
Darwinbox also has investors such as Microsoft, Salesforce, Peak XV, Lightspeed, and TCV.
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The startup said this funding will enable it to fuel its Agentic AI-led innovation and global expansion plans, especially in the North American market, where it claims 3X growth year-on-year since its entry in 2022.
Darius Vakil, Director, TVG India, said their investment will help Darwinbox leverage their global network and expertise to drive future growth.
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Darwinbox co-founder Jayant Paleti said the investment will help it scale to the next stage. "HR tech, when done right, can unlock outsized value for every enterprise, yet the old guard of HCM vendors still falls short of that leap," he added.
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