Entrepreneurship

Zoom, Dropbox backer Salesforce Ventures makes its first investment in India in HR tech startup Darwinbox, which claims to have grown by 200% during lockdown

Read more at www.businessinsider.in

  • Darwinbox, the HR tech startup based out of Hyderabad, has raised $15 million from Salesforce Ventures, the investment arm of global software giant Salesforce.
  • For Darwinbox, the latest round of investment comes after a long gap. It had last raised funds in September 2019.
  • Salesforce India, which had appointed former SBI chairman Arundhati Bhattacharya as its Chairperson and CEO, marks this investment as a first for Salesforce Ventures in India.

Darwinbox, the HR tech startup based out of Hyderabad, has raised $15 million from Salesforce Ventures, the investment arm of global software giant Salesforce, which has backed companies like Zoom, Dropbox globally.

For Darwinbox, the latest round of investment comes after over one and half years since its last funding in September, 2019. The HR tech startup, which claims to have grown over 300% since then, counts Sequoia Capital India, Lightspeed India, Endiya Partners, and 3one4 Capital among its investors.

During lockdown alone, the startup registered a 200% revenue growth. “With over 180 implementations done remotely just during the lockdown, and a record high revenue growth of 200%, Darwinbox has cemented its place as one of the most preferred HR technology platforms in the APAC region,” said the company.

Salesforce India, which had appointed former SBI chairman Arundhati Bhattacharya as its Chairperson and CEO, marks this investment as a first for Salesforce Ventures in India.

“India is home to one of the world’s youngest population, and by 2050, it is expected to account for over 18% of the global working age population. This makes technology platforms like Darwinbox, that focuses on workforces, incredibly important. I’m proud that Salesforce is supporting Darwinbox on their journey as they continue to grow and innovate in this space,” said Bhattacharya in a statement.

The startup has so far raised $35 million, while its valuation remains undisclosed.

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Darwinbox has spread to over 60 countries and has over 500 global enterprise clients, including the likes of Adani, Mahindra, Kotak, TVS, Arvind, NSE, Ujjivan Small Finance Bank, Bharti AXA, Dr.Reddy’s, Nivea, Puma, T-Systems as well as startups like Swiggy, Bigbasket, Delhivery.

“Over the past years, we’ve shipped products at a rapid pace to become the most comprehensive HR suite and pioneered first-of-its-kind innovations to deliver superior employee experience. We will leverage the new investment to speed the introduction of exciting new solutions and advance R&D to deploy deep-technology capabilities,” said Chaitanya Peddi, co-founder, Darwinbox, in a statement.

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