HR Tech platform Darwinbox is the latest company to become a unicorn after raising $72 million funding in Series D funding round. This funding round was led by Technology Crossover Ventures. Existing investors including Salesforce Ventures, Sequoia Capital India, Lightspeed India, Endiya Partners, 3One4Capital, JGDEV, and SCB 10X also participated in this funding round.
Darwinbox runs a cloud-based human resource management platform that automates HR processes. The company was founded by Chaitanya Peddi, Jayant Paleti, and Chennamaneni in 2015.
The company will use the fresh funds for product innovation and enhancing sales and marketing.
“Even if valuation multiples are high, we will comfortably grow into it with half the money we have raised. So the market isn’t that worrying. The focus is to become the market leader in India in 18 months, and SouthEast Asia and the Middle East after that. Then an IPO is the next step,” co-founder Rohit Chennamaneni said in an interview.
Darwinbox has some names as its customers including Adani, Vedanta, JSW, Cars24, Vedantu, and CRED. The company managed to grow its customers from 500 to 650 in the past year. The company also claimed that the new 150 customers added as much revenue as the original 500 did.
The company raised around $15 million in a round led by Salesforce Ventures almost a year ago. It has raised a total of $110 million to date.
