Hyderabad-headquartered Darwinbox to double its manpower to 1,400
Hyderabad: Enterprise HR Tech company Darwinbox, headquartered in Hyderabad, raised $72 million (about Rs 533 crore) funding in a round led by Technology Crossover Ventures (TCV) along with participation from existing investors Salesforce Ventures, Sequoia, Lightspeed, Endiya Partners, 3One4Capital.
Darwinbox now has plans to double its manpower from the current 700 to more than 1,400 including in Hyderabad, the Middle East and the US as part of its expansion plans.
The company’s valuation post this round will cross the $1 billion (Rs 7,400 crore) mark and takes the total investment raised thus far by the company to over $110 million (about Rs 814 crore). The company has grown 200 per cent since the last fund raise a year ago. “Yet another Unicorn from Hyderabad @thedarwinbox becomes a unicorn. Many congratulations@chaitanyapeddi @jayantp @chennamaneni and @endiyaVC. Many more on the way I am sure,” said a tweet from IT and Industries Minister KT Rama Rao congratulating the company and the founders for the newly acquired unicorn status.
IT and Industries Principal Secretary Jayesh Ranjan said Darwinbox emerged the first Hyderabad headquartered unicorn. Though the Hyderabad startup ecosystem was flourishing, some had apprehension about the investment flow and talent availability.
Hyderabad has more than 300 companies in the software-as-a-service (SaaS) segment. The community is evolving and product development is the focus.
“There is enough going for the SaaS segment in Hyderabad and investors are coming to Hyderabad if you have a product that is addressing a problem,” he said at an event where the three founders – Chaitanya Peddi, Jayant Paleti and Rohit Chennamaneni and early investor Sateesh Andra (Endya Partners) assembled to formally announce the unicorn status. “I am also delighted to back the team in an impactful HR technology space,” said Gopi Vaddi, General Partner, TCV.
TCV is a US based investor, known for backing technology brands like Netflix, Facebook, Spotify, Expedia and Airbnb. Darwinbox has 12 global offices with 700 plus employees. Its HR technology powers more than 650 global enterprises and handles recruitment, onboarding, core transactions like leaves, attendance, directory, payroll, travel and expenses, employee engagement, performance management, rewards and recognition and people analytics.
Also read:
Hyderabad headquartered Darwinbox enters the unicorn club
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