Darwinbox Raises $140 Mn Funding Led By Partners Group And KKR

Enterprise HR technology platform Darwinbox, has raised $140 million (about INR 1,218.1 Cr) funding in an undisclosed round co-led by Partners Group and KKR. 

The funding round also saw participation from growth equity firm Gravity Holdings.

The startup plans to use the new funds to speed up its global expansion and improve its technology.

Darwinbox says it has seen a fivefold increase in revenue from international markets in the last few years by building a strong and diverse global portfolio. As a result, about 60% of its business now comes from international markets.

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“By placing the employee experience front and center — and ensuring our platform is deeply configurable to diverse local needs — we have helped transform HR for enterprises globally. With top-tier investors backing us, we’re poised to amplify our global momentum and deliver innovative AI-powered solutions for thousands of enterprises worldwide,” Darwinbox’s cofounder Jayant Paleti said.

The Peak XV-backed startup did not reveal the valuation at which it raised the new capital. However, reports from last week suggested that the funding round, which included both primary and secondary investments, could value the startup at around $950 million.

The startup became a unicorn in 2022 after raising $72 million in its Series D funding round, which valued it at over $1 billion.

About Darwinbox 

Founded in 2015 by Jayant Paleti, Rohit Chennamaneni and Chaitanya Peddi, Darwinbox offers a cloud-based HR platform that provides solutions for recruitment, onboarding, payroll, travel, and people analytics.

Its platform also covers key HR functions like core HR, payroll, recruitment, performance management, and employee engagement. Based in Hyderabad, the startup works with clients like Starbucks, Nivea, AXA, Cigna, WeWork, and Crisil.

For the fiscal year 2023-24 (FY24), the company reported a 58% growth in revenue, reaching INR 393 Cr, driven by its international expansion. It also saw a 17-point improvement in its EBITDA margin.

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