Darwinbox raises $40 Mn funding from Teachers’ Venture Growth

Darwinbox, an AI-driven human capital management (HCM) platform has raised $40 million from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of the Ontario Teachers’ Pension Plan.

Earlier this year in March, the Hyderabad-based company raised $140 million in a Series D round from Partners Group, KKR, and Gravity Holdings. This brings its total funding to $280 million so far. Shortly after, it announced a $10 million ESOP buyback plan.

The new funds will be used to expand in the North American market and enhance its agentic AI capabilities.

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“We’re thrilled to welcome TVG as partners in our next stage of scaling,” said Jayant Paleti, Co-Founder of Darwinbox.   

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.

“We are pleased to partner with an exceptional team that has built and scaled Darwinbox into a leading HR technology company. With an easily customizable, AI-powered full-stack offering, and customer centricity at its core, Darwinbox continues to drive impressive adoption across large enterprises globally. We look forward to bringing our global network and expertise to support the company’s future growth.” said Darius Vakil, Director of TVG in India.

About Darwinbox 

Co-founded in 2015 by Jayant Paleti, Rohit Chennamaneni, and Chaitanya Peddi, Darwinbox is a cloud-based HR tech platform offering recruitment, payroll, employee engagement, talent management, and people analytics solutions. Last year, it partnered with Microsoft to integrate its HCM platform with Microsoft’s tools to enhance the employee experience.

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The company serves over 1,000 enterprises across 130 countries, with clients like Starbucks, Nivea, Cigna, WeWork, and Crisil. In recent years, it has expanded into markets such as Asia-Pacific, West Asia, the UK, and the US.

The company recently introduced an AI-powered product suite covering various HR functions and is developing AI-driven agents to help HR professionals with talent acquisition, digital transformation, and more.