Darwinbox, Asia’s fastest-growing HR tech platform, marks another milestone with a $72 million funding round led by Technology Crossover Ventures (TCV) along with participation from existing investors – Salesforce Ventures, Sequoia, Lightspeed, SCB 10X, JGDEV, Endiya Partners and 3One4Capital. The company’s valuation post this round will cross the $1 billion mark and take the total investment raised thus far by the company to over $110 million.
Since the last fundraise from Salesforce Ventures 12 months ago, the company has grown 300% in Southeast Asia. It is expecting higher growth this year owing to enhanced demand for digital tools in the workplace post-pandemic.
Darwinbox catering HR needs
Founded in late 2015, Darwinbox’s cloud-based Human Capital Management (HCM) platform caters to HR needs across the entire employee lifecycle. Their new-age product is powering digital HR for more than 1.5 million employees from 650+ enterprises across the globe. This includes:
- Fast-growing unicorns (Zilingo, Zalora, Carousell, Tokopedia
- Leading enterprises (SBS Transit, Armstrong, EM Services, MatchMove, Funding Societies, Mitra Adiperkasa)
- Large conglomerates (JG Summit Holdings, Indorama, Wilmar and parts of Salim, Djarum and Century pacific groups)
They also serve leading global brands like Nivea, Starbucks, Dominos, T-Systems, AXA, Tokio, Cigna amongst others.
Darwinbox currently stands as the youngest and the only Asian-origin player on Gartner’s Magic Quadrant for HCM serving 1000+ employee enterprises. It is also rated the highest (4.8) globally on Gartner’s customer reviews platform, Peer Insights; racing ahead of global giants like SAP, Oracle and Workday – a position they secured on the back of innovative technology, deep understanding of market context, intuitive user experience and great customer traction.
General Partner, TCV, Gopi Vaddi shared that they are most excited investing behind visionary founders that are fundamentally transforming large industries with a highly resonant product.
I am delighted to back an outstanding team that is doing exactly that in a highly impactful, fast-evolving HR technology space and partner with them on their journey to global HCM leadership.
Gopi Vaddi, General Partner, TCV
TCV is known for its investments in disruptive tech brands like Netflix, Facebook, Spotify, Airbnb, GoDaddy and Zillow.
Meanwhile, Jayant Paleti, Co-founder of Darwinbox shares that the investment energizes their mission to continue building technology that enables organizations to unlock the highest potential of their people.
We have done this by building a product that puts employees squarely at the center and crafting meaningful experiences for them. This has especially found resonance in this rapidly evolving world of work over the last two years with companies having to rethink how they attract, manage and retain their talent.
Jayant Paleti, Co-founder, Darwinbox
Supercharging Darwinbox’s global expansion plan
The new funding will supercharge Darwinbox’s global expansion plan by allowing the company to accelerate its platform innovation agenda, strengthen its product, engineering and customer success teams along with scaling their go-to-market presence in multiple geographies. The company is set to triple its team within a year aiming to add more than 100+ team members in SEA across its Singapore, Kuala Lumpur, Jakarta, Manila and Bangkok offices.
Investing behind technology to manage talent has become inevitable for organizational success. Darwinbox’s demonstrated ability to build agile, innovative and user-friendly solutions along with deep customer-centricity has made them a platform of choice for several leading enterprises.
Jessica Neal, former Chief Talent Officer at Netflix & Venture Partner at TCV
The future of work
Year 2021 represented one of the most entropic and pivotal years in defining the future of work. The world witnessed “remote” and “hybrid” become common words and the “Great Resignation” impacted organizations all over, forcing them to rethink their talent strategy. The result is a 3-5 year forward shift in digital-first thinking for all things talent. Darwinbox is at the heart and centre of this movement.
Expanding on the product investments, Chaitanya Peddi, the product head and co-founder of the company shares that building for extraordinary agility and delivering stellar employee experience have been critical in defining success for Darwinbox’s customers.
We will continue to invest in new and innovative technology to deliver a frictionless experience for the work-from-anywhere workforce.
Chaitanya Peddi, product head and co-founder, Darwinbox
In addition, Chaitanya Peddi added that the company will be bolstering their platform offering with a host of ancillary services and solutions that enterprises can plug and play to compose an integrated HR tech ecosystem.
Darwinbox is rated the highest globally among HCM players on Gartner’s customer review platform, peer insights. The cloud-based HR Technology platform is backed by leading investors like Salesforce Ventures, Sequoia, Lightspeed, JGDEV, SCB 10X, K3 Ventures, Wah-Hin, Endiya Partners and 3One4Capital.
For more information, please visit www.darwinbox.com
