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Hyderabad-based Darwinbox turns unicorn
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SME Times News Bureau | 26 Jan, 2022
Hyderabad-based technology startup Darwinbox has turned unicorn with the
raising of $72 million funding in the latest round for global
expansion.
With this round, the company's valuation will
cross the $1 billion mark and take the total investment raised thus far
by the company to over $110 million.
Darwinbox, an enterprise HR Tech company, has grown 200 per cent since the last fund raise a year ago.
Darwinbox,
a Cloud-based HR technology platform which caters to an organisation's
HR needs across the employee lifecycle, was founded by IIM/IIT/XLRI
alumnus with work experience across leading firms like McKinsey, Google
and EY.
The three co-founders, Chaitanya Peddi, Jayant Paleti and
Rohit Chennamaneni, who hail from Andhra Pradesh and Telangana, came
together in November 2015 to build a world-class technology product.
The
company got its first round of funding and support from Endiya
Partners, a Hyderabad-based early-stage VC fund, which focuses on
disruptive technology startups.
Darwinbox has 12 global offices
with 700+ employees, and it is expecting to expand the headcount and its
global presence rapidly.
"We started with a mission to build
smarter and better technology for the modern-day employee," said Jayant
Paleti, Co-founder, Darwinbox.
"In the last six years, we have
grown from a three-member team to a 700-large organisation serving 650+
customers globally. A growth that wouldn't have been possible without
the great work by all the employees who believed in the vision and
joined the journey early on. As we scale further and aim for global
leadership, we will be looking to add great talent and hire
exponentially across all geographies," he said.
The latest
funding round was led by Technology Crossover Ventures (TCV) along with
participation from existing investors Salesforce Ventures, Sequoia,
Lightspeed, Endiya Partners, and 3One4Capital.
The co-founders
said the new funding will supercharge their global expansion plan by
allowing the company to accelerate its platform innovation agenda,
strengthen its product, engineering, and customer success teams along
with scaling its go-to-market presence in South Asia, South East Asia,
Middle East and North Africa.
The company is also setting up to launch in the US in 2022.
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