Latest news with #Darwinbox
Economic Times
4 days ago
- Business
- Economic Times
Darwinbox eyes OTPP purse; Middle East calling for Indian startups
Happy Thursday! Darwinbox is looking to tap Ontario Teachers' Pension Plan for fresh capital. This and more in today's ETtech Morning Dispatch. Also in the letter: ■ Amber's Mysuru plant ■ Infosys' AI centre■ Kaynes Sanand OSAT Canada's OTPP in talks to invest in Darwinbox; valuation may hit $1 billion: Sources (L-R) Jayant Paleti, Chaitanya Peddi and Rohit Chennamaneni, cofounders, Darwinbox Canadian pension giant Ontario Teachers' Pension Plan (OTPP) is on the verge of snapping up a stake in the human resources SaaS unicorn Darwinbox. Deal details: The $50-million transaction is mainly a secondary sale. The company is likely to be valued at over $1 billion on a blended basis, taking in account the pricing from both primary and secondary share transactions. Peak XV Partners, an early backer, will trim its stake, pocketing a tenfold return on its initial bet. Funding history: Darwinbox was last valued at $1 billion in 2022, following a $72 million funding round led by Netflix-backer TCV. In March this year, it raised $140 million, almost entirely via secondary sales. That round brought private equity majors KKR and Partners Group onto its cap table, while Lightspeed and a few early investors partially cashed out. Zoom out: Darwinbox is one of OTPP's big HR-SaaS investments in the Asia-Pacific region. In July 2024, it co-led, alongside KKR, a $140-million funding round in Japan's in Darwinbox has surged since the March round, a person familiar with the matter told us. The company is now closing in on $100 million in annualised recurring revenue, a key milestone. SuperGaming raises $15 million in fresh funding at five times higher valuation Roby John, cofounder, SuperGaming Pune-based gaming company SuperGaming has bagged $15 million in a funding round led by existing investors Skycatcher and Steadview Capital, catapulting its valuation to $100 million. Deal details: The round combines fresh capital with bridge investments made since its last raise of $5.5 million in October 2021. The company was then valued at around $21 million, founder Roby John told us. Global gaming and Web3-focused funds, including a16z's Speedrun, Bandai Namco's 021 Fund, and Polygon Ventures, also participated. Fashion brand Outzidr nets $3.1 million in fresh round (L-R) Justin Mario, Nirmal Jain, Manikant Mani, cofounders, Outzidr Gen Z women-focused fashion brand Outzidr has secured $3.1 million in funding led by early-stage venture capital firm RTP Global. Existing investor Stellaris Venture Partners also participated in the latest round. The funds will be used for expansion, opening offline stores, and initiating quick deliveries. Also Read: Spacetech startup Xovian raises $2.5 million to build radio frequency satellites Middle East new stomping ground for Indian venture funds, startups Venture capital firms and startups from the country are setting their sights on the Middle East, as the region looks to shed its old image as a land of oil rigs and pipelines. Tell me more: Stellaris Venture Partners and Blume Ventures have tapped Middle Eastern money for fresh funds. Other VC firms, including Ideaspring Capital and Java Capital, are scouting for deals. Early-stage venture fund 100Unicorns picked Abu Dhabi for its first global foray in December 2024, while cricketer Shikhar Dhawan's VC arm, Yashaa Global Capital, already made the emirate its base. Shoring up: Indian startups are also building a presence. Beauty retailer Nykaa runs UAE subsidiaries, and fintech player InCred snapped up Dubai-based Arrow Capital. Number-wise: Indian startups raised about $200 million from Middle Eastern investors in 2024, according to Venture Intelligence. They now make up nearly 30% of Dubai's tech startup community, ET reported earlier. But why? The pull is clear. Dubai International Finance Centre provides credibility and access to regional capital. Golden visas and a low-tax regime sweeten the deal. Add to that substantial investments in AI infrastructure, and the Gulf is becoming a natural hub for Indian startups specialising in deeptech, financial services, AI, and even cryptocurrency. In other words, the desert, it seems, is no longer barren for India's venture playbook. Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees. The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Interested? Reach out to us at spotlightpartner@ to explore sponsorship opportunities. Amber Enterprises earmarks Rs 900 crore chest for Mysuru plant Electronics maker Amber Enterprises is planning to set up a new copper laminate plant in Mysuru. Driving the news: Amber intends to invest Rs 800–900 crore in the new plant. The company has applied under MeitY's electronic component manufacturing scheme, with the deadline extended until September. The company is evaluating the viability of the plant. Tell me more: This initiative aims to boost domestic production of electronic components and sub-assemblies, thereby positioning India as a key player in the global electronics value is already building a Rs 3,200-crore electronics manufacturing plant near the upcoming international airport at Jewar, Uttar Pradesh. Keeping Count Other Top Stories By Our Reporters Infosys opens AI, cybersecurity and spacetech centre in Hubballi: Part of 'Infosys Living Labs', the newly opened centre is a network of over a dozen established centres worldwide designed to help clients accelerate innovation and leverage emerging technologies. Kaynes' Sanand semicon unit to be operational by December: The Rs 3,307-crore outsourced semiconductor assembly and testing (OSAT) plant will deliver the first sample by September 15 and start operations by December, said chief executive Raghu Panicker. The clean room has been established, and equipment and raw materials are arriving, he added. Global Picks We Are Reading ■ Hackers hijacked Google's Gemini AI with a poisoned calendar invite to take over a smart home (Wired) ■ AI could turn your town nuclear (The Verge) ■ Google's AI coding agent Jules is now out of beta (Techcrunch) Updated On Aug 07, 2025, 07:55 AM IST
Time of India
4 days ago
- Business
- Time of India
Darwinbox eyes OTPP purse; Middle East calling for Indian startups
Darwinbox eyes OTPP purse; Middle East calling for Indian startups Also in the letter: Canada's OTPP in talks to invest in Darwinbox; valuation may hit $1 billion: Sources Deal details: The $50-million transaction is mainly a secondary sale. The company is likely to be valued at over $1 billion on a blended basis, taking in account the pricing from both primary and secondary share transactions. Peak XV Partners, an early backer, will trim its stake, pocketing a tenfold return on its initial bet. Funding history: Darwinbox was last valued at $1 billion in 2022, following a $72 million funding round led by Netflix-backer TCV. In March this year, it raised $140 million, almost entirely via secondary sales. That round brought private equity majors KKR and Partners Group onto its cap table, while Lightspeed and a few early investors partially cashed out. Zoom out: SuperGaming raises $15 million in fresh funding at five times higher valuation Deal details: The round combines fresh capital with bridge investments made since its last raise of $5.5 million in October 2021. The company was then valued at around $21 million, founder Roby John told us. Global gaming and Web3-focused funds, including a16z's Speedrun, Bandai Namco's 021 Fund, and Polygon Ventures, also participated. Fashion brand Outzidr nets $3.1 million in fresh round Also Read: Middle East new stomping ground for Indian venture funds, startups Tell me more: Stellaris Venture Partners and Blume Ventures have tapped Middle Eastern money for fresh funds. Other VC firms, including Ideaspring Capital and Java Capital, are scouting for deals. Early-stage venture fund 100Unicorns picked Abu Dhabi for its first global foray in December 2024, while cricketer Shikhar Dhawan's VC arm, Yashaa Global Capital, already made the emirate its base. Shoring up: Number-wise: But why? Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Amber Enterprises earmarks Rs 900 crore chest for Mysuru plant Driving the news: Amber intends to invest Rs 800–900 crore in the new plant. The company has applied under MeitY's electronic component manufacturing scheme, with the deadline extended until September. The company is evaluating the viability of the plant. Tell me more: Keeping Count Other Top Stories Infosys opens AI, cybersecurity and spacetech centre in Hubballi: Kaynes' Sanand semicon unit to be operational by December: Global Picks We Are Reading Happy Thursday! Darwinbox is looking to tap Ontario Teachers' Pension Plan for fresh capital. This and more in today's ETtech Morning Dispatch.■ Amber's Mysuru plant■ Infosys' AI centre■ Kaynes Sanand OSAT(L-R) Rohit Chennamaneni, Chaitanya Peddi, Jayant Paleti and Vineet Singh, cofounders, DarwinboxCanadian pension giant Ontario Teachers' Pension Plan (OTPP) is on the verge of snapping up a stake in the human resources SaaS unicorn is one of OTPP's high-conviction HR-SaaS plays in the Asia-Pacific. In July 2024, it co-led, alongside KKR, a $140-million funding round in Japan's in Darwinbox has surged since the March round, a person familiar with the matter told us. The company is now closing in on $100 million in annualised recurring revenue, a key John, cofounder, SuperGamingPune-based gaming company SuperGaming has bagged $15 million in a funding round led by existing investors Skycatcher and Steadview Capital, catapulting its valuation to $100 million.(L-R) Justin Mario, Nirmal Jain, Manikant Mani, cofounders, OutzidrGen Z women-focused fashion brand Outzidr has secured $3.1 million in funding led by early-stage venture capital firm RTP Global. Existing investor Stellaris Venture Partners also participated in the latest funds will be used for expansion, opening offline stores, and initiating quick capital firms and startups from the country are setting their sights on the Middle East , as the region looks to shed its old image as a land of oil rigs and startups are also building a presence. Beauty retailer Nykaa runs UAE subsidiaries, and fintech player InCred snapped up Dubai-based Arrow startups raised about $200 million from Middle Eastern investors in 2024, according to Venture now make up nearly 30% of Dubai's tech startup community , ET reported pull is clear. Dubai International Finance Centre provides credibility and access to regional capital. Golden visas and a low-tax regime sweeten the deal. Add to that substantial investments in AI infrastructure, and the Gulf is becoming a natural hub for Indian startups specialising in deeptech, financial services, AI, and even other words, the desert, it seems, is no longer barren for India's venture Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship maker Amber Enterprises is planning to set up a new copper laminate plant in initiative aims to boost domestic production of electronic components and sub-assemblies, thereby positioning India as a key player in the global electronics value is already building a Rs 3,200-crore electronics manufacturing plant near the upcoming international airport at Jewar, Uttar of 'Infosys Living Labs', the newly opened centre is a network of over a dozen established centres worldwide designed to help clients accelerate innovation and leverage emerging Rs 3,307-crore outsourced semiconductor assembly and testing (OSAT) plant will deliver the first sample by September 15 and start operations by December , said chief executive Raghu Panicker. The clean room has been established, and equipment and raw materials are arriving, he added.■ Hackers hijacked Google's Gemini AI with a poisoned calendar invite to take over a smart home ( Wired ■ AI could turn your town nuclear ( The Verge ■ Google's AI coding agent Jules is now out of beta ( Techcrunch
Time of India
4 days ago
- Business
- Time of India
Canada's OTPP set to bag $50 million stake in Darwinbox at more than $1 billion value
ETtech Canadian pension fund Ontario Teachers' Pension Plan (OTPP) is in advanced stages of finalising a $50 million stake purchase in Hyderabad-based software-as-a-service firm Darwinbox , which will value the company at more than $1 billion, according to three people with knowledge of the is acquiring the stake in a mix of primary and secondary transactions, which will see Peak XV Partners partially sell its six-year-old holding in the company, which specialises in human resource (HR) March, Darwinbox had closed a $140-million round that saw private equity firms KKR and Partners Group join the cap table as Lightspeed and a few early investors partially offloaded their stakes. The March round was largely a secondary transaction, with a small primary component, and the blended valuation was around $950 million.'There was spillover interest from certain investors after the $140-million round was finalised,' one of the persons briefed on the matter said, adding that out of the $50 million, about 60% is in transactions are usually finalised at 10-15% discount to a firm's last primary valuation. The company was last valued at $1 billion in 2022, following a $72 million funding round led by Netflix-backer Peak XV Partners, which first invested in the firm in 2019, this spells a tenfold return on its initial cheque, said another and OTPP did not respond to ET's queries. Peak XV Partners refused to comment on the in 2015, Darwinbox helps organisations manage their HR needs, including hiring and onboarding, attendance and employee management. It serves more than 1,000 enterprises in various sectors across 130 countries. Its customer base includes companies such as Starbucks, Nivea, Cigna, WeWork and makes its growth equity investments through the Teachers' Venture Growth vehicle and has backed Indian startups including Mintifi, Perfios and Darwinbox is not OTPP's first investment in the HR-SaaS segment in the Asia-Pacific region. In July 2024, it co-led, along with KKR, a $140-million funding round in Japanese cloud-native human resources management platform had reported a 58% year-on-year increase in total revenue to Rs 392 crore for 2023-24. In March this year, its cofounder Chaitanya Peddi had told ET that the company was targeting a 50% revenue growth in the past few years, Darwinbox has been expanding overseas, including Asia-Pacific, West Asia, the UK and the US.'We really started selling in the US in FY25, and the traction has been strong. I believe the contribution from global markets, particularly their growth, is now the largest driver of our revenue growth,' Peddi had said, adding that the company was set to surpass $100 million in annual recurring revenue by December 2025.
Time of India
29-07-2025
- Business
- Time of India
ET Soonicorns Sundowner 2025: How healthcare and HRTech are quietly powering Hyderabad's startup ascent
Academy Empower your mind, elevate your skills Healthcare Booking Platforms have demonstrated remarkable capital efficiency, raising a massive $335.7 million across just 20 funding rounds from 58 unique investors. This translates to an average funding of $16.8 million per round, a testament to the high conviction investors have in the scalability and market potential of health-tech solutions emerging from the region. Companies are innovating in areas such as telemedicine, online diagnostics, and at-home healthcare services, addressing critical gaps in the healthcare landscape. Similarly, the HRTech sector has been a hotbed of activity, securing $311.7 million from 43 investors across 40 rounds. The sector is not only attracting significant capital, including a mega-round, but is also witnessing a phenomenal entrepreneurial boom, with 155 new companies founded during the period. This indicates an intense focus on creating innovative solutions for modern workforce management, from recruitment and payroll to employee engagement and upskilling. Hyderabad-based startup Darwinbox has already achieved unicorn status, paving the way for others in this space. While the titans of Bengaluru and Mumbai have long dominated India's startup narrative, a powerful new current of innovation is surging from the heart of Telangana. In a surprising twist, it's not the usual suspects of e-commerce or fintech leading the charge. Instead, the Healthcare Bookings and HRTech sectors have emerged as the unexpected engines driving capital, innovation, and immense growth in the Hyderabad cluster, signalling a major shift in India's technology month, the city's dynamic startup ecosystem is set for its most definitive pulse check yet. On July 31, 2025, The Economic Times, in collaboration with leading data intelligence platform Tracxn, will unveil the much-anticipated 'ET Top Soonicorns and Minicorns X Top Sectors AP-Telangana 2025' report at the inaugural ET Soonicorns Sundowner in Hyderabad. To be formally launched by Jayesh Ranjan, IAS, Special Chief Secretary, Government of Telangana, the report signals the start of a new city-focused spin-off from the ET Soonicorns Summit , India's largest congregation for soonicorns or startups valued at or near $1 numbers speak for themselves. Between January 2020 and May 2025, the twin states of Andhra Pradesh and Telangana saw a flurry of startup activity, but Hyderabad emerged as the undisputed epicentre. The city alone accounted for over 2,500 new startups and attracted a staggering $2.1 billion in funding. This represents an astonishing 99.7% of the total startup capital invested in the entire region, cementing Hyderabad's status as a complete and self-sustaining startup surge has transformed the city into a magnet for talent and investment, fostering a vibrant landscape that spans from early-stage seed ventures to scalable 'soonicorns' and 'minicorns' or startups valued between $100 million and $500 million. This growth hasn't gone unnoticed, with Hyderabad now ranking among the top startup hotspots in Asia The forthcoming 'ET Top Soonicorns and Minicorns' report, which analyzes over 1500 companies, reveals a compelling story about where the smart money is flowing. The analysis classifies sectors into priority tiers, with 'P0' representing the top 10 sectors with the highest number of active investors—a clear signal of broad market at the pinnacle of the P0 category are Healthcare Booking Platforms and HRTech. Together, these two sectors have attracted over $640 million in combined funding, drawing significant interest from a diverse range of are some key insights:Beyond the top two: A diversified and thriving ecosystemWhile Healthcare and HRTech command the lead, the report highlights a robust and diversified ecosystem. The EdTech sector, particularly K-12 EdTech and Continued Learning, has seen the birth of over 370 new companies. Though the total funding is more moderate, the sheer volume of new ventures and investor interest points to a highly competitive and innovative early-stage E-commerce and logistics verticals also feature prominently in the P0 list. Online Grocery and Logistics Tech have attracted significant investor attention, reflecting the region's strengths in consumer-facing and supply chain MarketingTech stands out for having produced the highest number of minicorns at four among the P0 sectors, signaling a healthy pipeline of companies poised for significant report also identifies 'P1' sectors, characterised by high total funding from a more concentrated group of investors. These include high-growth frontiers such as Electric Vehicles (EVs), Beauty Tech, and Alternative Lending, which are attracting substantial capital and producing a new generation of promising ET Soonicorns Sundowner: Where data meets dialogueThe evening of July 31st promises to be a confluence of the sharpest minds in the region, bringing together founders, investors, and policymakers for insightful discussions, storytelling-led sessions, and exclusive networking data and insights from the upcoming 'ET Top Soonicorns and Minicorns' report, in collaboration with Tracxn, to be launched at the ET Soonicorns Sundowner Hyderabad, will provide the first truly definitive look into the mechanics of this silent revolution. As the spotlight shifts to Hyderabad, one thing is clear: the city is not just building startups; it is building the future, one innovative solution at a time. The nation will be watching closely as this southern powerhouse takes its well-deserved place on the main stage of India's startup-innovation new ET Soonicorns Sundowner 2025 series aims to cast a spotlight on the nation's undercelebrated innovation corridors, with Hyderabad rightfully claiming the inaugural in its fourth year, the ET Soonicorns Summit 2025 is scheduled to take place on 22 August.360 One is the presenting partner of the ET Soonicorns Summit 2025 (This article is generated and published by the ET Spotlight team. You can get in touch with them at etspotlight@ .)
Time of India
21-07-2025
- Business
- Time of India
Hyderabad to host debut ET Soonicorns Sundowner series: India's product-first startup stars step into the spotlight
Academy Empower your mind, elevate your skills Rohit Chennamaneni , Co-founder, Darwinbox , Co-founder, Darwinbox Dr. Raj P. Narayanam , Founder & Executive Chairman, Zaggle , Founder & Executive Chairman, Zaggle Prasad Vanga , Founder & CEO, Anthill Ventures , Founder & CEO, Anthill Ventures Kavikrut, CEO, T-Hub The region's P0 sectors, such as HRTech and Healthcare Booking, with over $640M in cumulative funding. The P1 sectors, such as EV and BeautyTech, which are drawing high-conviction capital and churning out minicorns at speed Skyroot Aerospace – Why spacetech needs patient capital—and why India can't afford to wait – Why spacetech needs patient capital—and why India can't afford to wait PURE EV – From garage to gigafactory: Building India's mid-market EV brand India's next unicorns aren't just coming from the usual suspects anymore. The momentum is shifting. From deeptech disruptors building satellites to electric vehicle (EV) pioneers manufacturing batteries at scale, Hyderabad is quietly emerging as a force to reckon with in India's innovation now, the spotlight is officially shifting. The ET Soonicorns Summit , India's largest platform dedicated to the next generation of unicorns, is back with its fourth edition on August 22, 2025. But this year, it's not just staying rooted in Bengaluru. It's hitting the off this expansion is the ET Soonicorns Sundowner series , a first-of-its-kind spin-off bringing high-impact startup gatherings to India's most promising, yet undercelebrated, tech corridors. First stop? July 31, the ET Soonicorns Sundowner Hyderabad will bring together unicorns, soonicorns, and minicorns, investors, and policymakers for a high-energy evening of panels, storytelling, and pitch-perfect why this event is a must-watch—and why Hyderabad's time has finally of it as the after-hours accelerator for India's most promising startup hubs. The Sundowner Series is a curated city-level celebration of emerging unicorns, designed to complement the main ET Soonicorns Summit in Bengaluru. Each edition brings regional founders, investors, and ecosystem enablers together in a fast-paced, insight-heavy format—with sharp data drops, real founder stories, and zero is the first in this series, and its inclusion is no to capital-efficient fintech plays, business-to-business (B2B) software-as-a-service (SaaS) champions, private spacetech ventures, and EV infrastructure startups, Hyderabad is writing a new playbook—product-first, to the data intelligence platform Tracxn, the city commands 99.7% of all startup capital in the Andhra Pradesh–Telangana region, making it the undisputed anchor of southern India's deeptech here build before they broadcast. They prototype before they pitch. And they scale—often profitably—before they seek capital. This is the anti-hype hub India didn't know it Hyderabad Sundowner promises a rapid-fire, content-rich format over a single evening, and it packs a evening opens with a keynote panel: 'Built in Hyderabad: The Rise of India's Product-First, Hype-Last Startups.' This conversation sets the tone for the evening, spotlighting Hyderabad's distinctive approach to innovation and sharp insights from:This session dives into Hyderabad's unique startup DNA—spanning capital discipline, deep R&D, and enterprise-first growth. Case in point? Skyroot Aerospace, which built India's first private rocket not by chasing headlines, but by engineering excellence. Or PURE EV, which prioritised battery tech over buzz and now leads mid-market EV deeptech to fintech, the panel explores how Hyderabad founders are rewriting India's startup script. These are not outliers but narratives of a regional ethos that values substance over ground these conversations in data, a first-of-its-kind report by Economic Times X Tracxn will unveil the Top Sonicorns and Minicorns across the Top 10 Sectors of the Andhra Pradesh–Telangana startup cluster. Based on investment and growth data from January 2020 to May 2025, the report spotlights:Launching the report will be Jayesh Ranjan, IAS, Special Chief Secretary, Govt. of Telangana, underscoring official support for Hyderabad's innovation momentum continues with a high-energy storytelling session, bringing real founders with real inflection points to the forefront. This format gives startup leaders the mic for three-minute lightning stories—no decks, just raw, unfiltered experiences of pivot, perseverance, or breakout storytellers include:Each story will be followed by a quick Q&A, creating space for insight, debate, and real-time connection with the evening culminates in cocktails, conversations, and capital connects. With a curated guest list of founders, venture capitalists, and ecosystem enablers, the networking session is designed for high-value collisions, not just makes the Hyderabad ecosystem different isn't just the companies—it's the of Hyderabad's best-performing startups—such as Darwinbox, Skyroot, and Dhruva Space—bootstrapped longer, scaled smarter, and raised here are often institutionally rooted (think BITS Pilani, IIIT-H, or ISRO partnerships), which results in deeper tech, cleaner cap tables, and sharper product-market fit. Even VCs agree: late-stage deals are picking up because the groundwork is an age where PR often outpaces product, Hyderabad is turning patient innovation into scalable ET Soonicorns Sundowner in Hyderabad isn't just a gathering—it's a declaration. Of depth over dazzle. Of product over posturing. And the rise of India's next unicorn belt beyond whether you're an investor looking for uncut gems, a founder seeking like-minded builders, or simply someone who believes real innovation doesn't scream—it scales, this is where you need to be.360 One is the presenting partner of the ET Soonicorns Summit 2025.
