Darwinbox is a Hyderabad-based enterprise Human Resource software that enables organisations to automate their entire employee timeline in one HR platform. Recently, the start-up has raised USD 15 million in its latest Series C financing round led by Salesforce Ventures, a California-based investment arm of Salesforce.
The revenue growth recorded by Darwinbox during these past months of the lockdown has more or less established the company in the Asia-Pacific regions as the most preferred Human Resource (HR) automation platforms, according to a report by Business Insider.
Sources suggest that Salesforce Ventures have been known to back big global start-ups like Zoom video conferencing platform and Dropbox- cloud storage platform. However, former SBI Chairman Arundhati Bhattacharya has been appointed as Chairperson and Chief Executive Officer at Salesforce India and she says that this is the company’s first investment in India.
Founded back in 2015 by Rohit Chennamaneni, Chaitanya Peddi and Jayant Paleti, Darwinbox is the leading provider of technology-based Human Resource Management Software. The start-up enables enterprises and organisations to engage and empower its employees right from hire to retire with a simple Human Resource management platform that leverages Artificial Intelligence and Machine Learning to give a first-hand experience.
According to the company profile on CrunchBase, existing investors of the Hyderabad-based HR technology company include Sequoia Capital India, LightSpeed India Partners, 3one4 Capital, Endiya Partners, iLabs Capital among a few others.
The previous funding round was concluded by Darwinbox in September 2019 which means that this latest infusion of funds comes after a period of over one and a half year. Backed by its existing investors, the start-up continued sustained growth to over 300% since 2019, backed by the likes of its before-mentioned existing investors.
The COVID-19 induce nation-wide lockdown have been very challenging for the businesses in India, many start-ups failed while many suffered losses. Those businesses that were operational through digital means survived very well as the demand for digital services surged through the roof during these past few months.
As mentioned in a report by Business Insider, Darwinbox registered a 200% revenue boost in these past months of 2020. The company claims to have successfully covered over 180 HR implementations which were done remotely during the lockdown. However, this increase in demand for digital services have made India, a potential market for investors and since this realisation, the Indian start-up ecosystem has been receiving a phenomenal amount of funding from global investors.
According to CrunchBase, the total funding raised by Darwinbox till date amounts to USD 34.7 million which it has acquired in over five financing rounds. The latest funding was raised on January 18th, 2021 as a part of its Series C round led by Salesforce Ventures.