Darwinbox raises $40 million from Canada's TVG
HYDERABAD: HRTech startup Darwinbox has raised US$40 million (approx. Rs 350 crore) from Teachers' Venture Growth (TVG), which is the late-stage venture and growth investment arm of Ontario Teachers' Pension Plan.
With this fundraise, TVG has acquired the stake in the Hyderabad-based startup 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 in which some of the early investors (prior to Series-A) offloaded a portion of their stake and a small primary fundraise.
Apart from KKR and Partners Group, Darwinbox also has investors such as Microsoft, Salesforce, Peak XV, Lightspeed, and TCV.
The Hyderabad-based startup said the funding will enable it to fuel its Agentic AI-led innovation and global expansion plans, especially in the North American market, where it claims its has grown 3X year-on-year since its entry in 2022.
Commenting on the reasons for investing in the startup, Darius Vakil, director, TVG India, said their investment will help Darwinbox leverage TVG's global network and expertise to support its future growth as it drives adoption across large enterprises globally.
Darwinbox co-founder Jayant Paleti said the TVG investment will help the company 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. 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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