Darwinbox Raises Strategic Investment From Salesforce Ventures
Darwinbox will utilise funding for Middle East expansion to bring enterprises innovative new capabilities to plan and manage all aspects of their human capital and talent.
Darwinbox, a leading enterprise HR technology platform has announced the closing of its $15m funding round, led by Salesforce Ventures, with participation from existing investors, Sequoia and Lightspeed.
Darwinbox is the fastest-growing technology platform in Asia, enabling leading brands such as Puma, Nivea, Tata, Mahindra, Adani, Kotak, TVS, wework, AXA, Tokio, and Dr.Reddy’s to digitize their HR processes. The new investment round will fund the expansion of Darwinbox into the Middle East, to bring advanced HR capabilities to large enterprise customers in the region.
The company has grown 300% since its last round of funding in 2019, and now has a customer base of over 500 global enterprises, providing HR management for over one million employees working in more than 60 countries. The company has a dominant presence in Financial Services, Retail, Hospitality and Manufacturing sectors.
“We are humbled and honoured by the growth we’ve seen and the opportunity to partner with leading enterprises to drive their HR transformation agenda. More and more enterprises are abandoning legacy solutions in favour of our modern, agile HCM platform that helps them stay ahead of change,” said Jayant Paleti, Co-founder, Darwinbox. “With the new funding, we plan to accelerate our expansion in the Middle East, onboard new partners, drive product innovation and significantly grow our team in the region.”
“Cloud adoption is growing at a monumental pace and the pandemic has only further amplified the importance of going digital,” said Alex Kayyal, Partner and Head of International, Salesforce Ventures. “Darwinbox is delivering innovation for leading enterprises and has emerged as a top platform of choice. We are excited to be a part of Darwinbox’s journey and support them in their mission,” he added.
Darwinbox witnessed a massive surge in adoption during the pandemic, because the company’s integrated product suite includes solutions that are critical for new modes of work, such as remote working, including touchless attendance, digital rewards, employee engagement, digital hiring and onboarding. With over 180 implementations done remotely during the lockdown, and a record revenue growth, Darwinbox has cemented its place as one of the most preferred HR technology platforms in the market.
Darwinbox’s cloud-based Human Resource Management (HRMS) platform caters to HR needs across the entire employee lifecycle. Deep understanding of the local context, ease of use including strong mobile focus, high level of configurability and faster time-to-value are key reasons why the product has seen immense traction in the enterprise segment, where it competes with SAP, Oracle and other leading solutions. The solution is built to suit the unique needs of enterprise customers in the Middle East and offers Arabic language support and configuration to local HR regulations.
“Seventy-five percent of the workforce globally will be millennials by 2025. This young workforce wants to be enabled and empowered with the best technology. The most progressive companies understand this and consistently pick Darwinbox for its innovation and product leadership. In a highly competitive world for talent, Darwinbox has set the bar for what best-in-class HR software looks like,” said Harshjit Sethi, Principal, Sequoia India.