Darwinbox raises $40 million from Canada's Teachers' Venture Growth
'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,' said Darwinbox co-founder Jayant Paleti in a prepared statement. 'Darwinbox exists to change that story, building the next-gen HCM company, global by design, AI‑first at the core, and relentlessly focused on customer outcomes.'
The new round of funding saw TVG acquire a stake in Darwinbox through a mix of primary and secondary transactions. The latest round of investment brings the company's total funding to $320 million.
Darwinbox plans to use the funds to further boost its presence in North America, which it entered in 2022. The company says that since its entry into that market, its business there has grown three times year-on-year. In the North American region, Darwinbox's clients include companies like WeWork, Zara, Adidas, and Starbucks.
With TVG's investment, the company joins the ranks of several marquee investors on Darwinbox's capitalisation table, including Microsoft, Salesforce, Peak XV Partners, Lightspeed and TCV.
'We look forward to bringing our global network and expertise to support the company's future growth,' said Darius Vakil, director of TVG in India.
The new round of funds comes shortly after the company's $140 million fundraising in March, which was led by Swiss private equity firm Partners Group and New York-based KKR. Mint was the first to report that the two investors were nearing a deal to fund the HR tech startup with between $120 million and $150 million.
Teachers' Venture Growth is part of the Ontario Teachers' Pension Plan Board, a global investor that primarily invests in real estate, infrastructure, and natural resources.
On the other hand, Ontario Teachers' Pension uses TVG to invest in tech-first companies. The fund's investments in India include B2B finance tech company Perfios, supply chain financing solutions provider for SMEs Mintifi, and B2C logistics provider XpressBees.
Darwinbox was founded by Chaitanya Peddi, Jayant Paleti, Rohit Chennamaneni, and Vineet Singh from Hyderabad in 2015, making it the first unicorn startup to come out of Telangana. Since then, the company has grown to cater to the HR needs of over 1,000 enterprise customers who have 4 million employees spread across 130 countries.
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