SaaS-based startup Darwinbox has secured $4 Mn in Series A funding led by Lightspeed India Partners. Existing investors Endiya Partners, Mohandas Pai’s 3one4 Capital and Startupxseed Ventures have also participated in this round, who had previously invested an undisclosed amount in a Pre-Series A round along with TracxnLabs and Aaruha Technology.
Commenting on the funding, Mohandas Pai investing via 3one4 Capital said, “At a time when the fundamental principles of human resource management are rapidly evolving in India, the team at Darwinbox has leveraged platform-scale technologies and latest compliance frameworks to help their customers become more people-centric. By reimagining multiple workflows across HR, Darwinbox has unlocked several new strategies for tangible productivity improvements.”
The cloud-based HR platform, Darwinbox automates the HR Process such as recruitment, payroll, employee movement, employee engagement, talent management and people analytics. The startup was founded by Jayant Paleti, Rohit Chennamaneni, and Chaitanya Peddi in August 2015. These co-founders have previously worked with companies such as McKinsey, Google, EY and Deloitte.
The platform is targeted at mid- to large-sized enterprises. It offers a two-way access to the company for both the employees and administrators. Currently, it serves more than 50 companies and 100,000–plus employees across verticals, including technology, pharmaceuticals, healthcare and logistics.
“The world’s largest enterprises are increasingly thinking of HR platforms not just as systems of record but as systems of intelligence to propel their human resource agenda. There is a strong, ever increasing demand for a modern technology suite that will address these needs. With this capital raise, Darwinbox will continue to expand its core technology, product and go-to-market capability across India & Internationally,” Jayant Paleti, co-founder of Darwinbox said.
According to its another co-founder Chaitanya Peddi, the raised capital will be deployed into product innovation and market expansion in India and internationally.
Darwinbox competes with some of the other players like Greyhr, ZingHR, MindTickle and SumHR.