Darwinbox Secures US$40 Million From Teachers' Venture Growth

National Post

2 days ago

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New investment will help accelerate Darwinbox's North American expansion and agentic AI innovation
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HYDERABAD, India & SAN FRANCISCO — Darwinbox, the fastest growing AI-powered human capital management (HCM) platform, today announced a US $40 million investment from Teachers' Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers' Pension Plan.
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The new partnership will fuel Darwinbox's mission to redefine enterprise HR with AI-first innovation and rapid global expansion, especially in North America, meeting growing demand for modern alternatives to legacy HR suites. The company has grown 3X year on year since its entry in the region and is powering global enterprises like EXL, Virtusa, Orion Innovation, Ephicacy, Apollo.io, Nivea, WeWork, Zara, Starbucks, and Adidas.
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Already powering HR technology for 1,000+ enterprises and 4 million employees across 130 countries, Darwinbox is continuing to invest in agentic-AI innovation, becoming the first HCM platform to support the Model Context Protocol (MCP) and enabling AI agents to interact with Darwinbox securely.
The raise is in addition to Darwinbox's recent US $140 million round led by Partners Group and KKR in March 2025 and sees TVG acquire a stake in Darwinbox through primary and secondary transactions. TVG brings significant experience in helping fast-growing technology companies scale in international markets and joins an investor lineup that includes KKR, Partners Group, Microsoft, Salesforce, Peak XV, Lightspeed, and TCV.
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'We are pleased to partner with an exceptional team that has built and scaled Darwinbox into a leading HR technology company. With an easily customizable, AI-powered full-stack offering, and customer centricity at its core, Darwinbox continues to drive impressive adoption across large enterprises globally. 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. 'We're thrilled to welcome TVG as partners in our next stage of scaling,' said Jayant Paleti, Co-Founder of Darwinbox. '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. 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,' he added.
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The platform is lauded by Gartner and Forrester for its deep functional breadth, outstanding user experience, and rapid pace of innovation, especially in AI. Darwinbox is the youngest HCM suite to be recognized on Gartner's Magic Quadrant for Cloud HCM Suites and is named a Customer's Choice HCM for the 4 th year in Gartner's Gartner® Peer Insights™ Voice of Customer report, outranking its competition significantly in ratings.
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With a mission to evolve the future of work, Darwinbox is expanding globally with a growing footprint in the US, Southeast Asia, and MENA.
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Avendus Capital acted as the financial advisor and investment banker to Darwinbox in this transaction.
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About Teachers' Venture Growth
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Teachers' Venture Growth (TVG) focuses on late-stage venture and growth equity investments in cutting-edge technology companies worldwide. We partner with founders with bold missions, looking to expand their product offering, scale geographically, and become the leaders in their markets. We bring long-term thinking and active investing to help build better businesses and a better world. We think globally and act locally through our direct presence across Europe, North America and Asia.
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Teachers' Venture Growth (TVG) is part of the Ontario Teachers' Pension Plan Board (Ontario Teachers'), a global investor with net assets of CAD 269.6 billion as at June 30, 2025. Ontario Teachers' is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 343,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn.
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About Darwinbox
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Founded in 2015, Darwinbox is a global HR tech leader that empowers enterprises to better manage their talent with new-age employee experiences and disruptive AI-powered technology. Its cloud-based Human Capital Management (HCM) software caters to an organization's HR needs across the entire employee lifecycle. Darwinbox is trusted by over 4 million employees from more than 1000 enterprises across 130 countries. Darwinbox has been backed by global investors like KKR, Partners Group, TCV, Microsoft, Salesforce Ventures, Peak XV, Lightspeed, and Endiya Partners, among others.
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Contacts
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Media Contacts
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Darwinbox
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Gowthami Kanumuru | VP, Marketing |
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[e-mail]
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TVG/Ontario Teachers' Pension Plan
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Henrietta Dehn/ Alisha Prakash |
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