Darwinbox, a city-headquartered enterprise HR Tech Company on Tuesday said it raised USD 72 million from investors and the company's valuation post this round will cross the USD one billion thus becoming the first unicorn from the city.
The investment round was led by Technology Crossover Ventures (TCV) along with participation from existing investors Salesforce Ventures, Sequoia, Lightspeed, Endiya Partners, 3One4Capital, Darwinbox said in a press release. The firm so far raised over USD 110 million and has grown 200 per cent since the last fund raises a year ago.
With the new investment, the company aims to accelerate product innovations and global expansion, including a launch in the US this year, it said. The three co-founders, Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni came together in November 2015, to build a world-class technology product from Hyderabad for the world.
"We get most excited investing behind visionary founders that are fundamentally transforming large markets. I am also delighted to back an outstanding team led by Jayant, Rohit, Chaitanya based in my hometown that is doing exactly that in a highly impactful HR technology space. We are happy to partner with them in their journey to global leadership," Gopi Vaddi, General Partner, TCV said.
Darwinbox's HR technology powers more than 650 global enterprises. Some of their notable customers, range from Asia's largest conglomerates to fast-growing technology unicorns including JSW, Adani, Mahindra, Vedanta, SBI General Insurance, Kotak, TVS, National Stock Exchange, Ramky, Aurobindo, Yashoda, Bigbasket, Swiggy and Makemytrip. "We started with a mission to build smarter and better technology for the modern-day employee.
As we scale further and aim for global leadership, we will be looking to add great talent and hire exponentially across all geographies," Jayant Paleti, Co-founder, Darwinbox said. The company has 12 global offices with over 700 employees and is expecting it to expand the headcount and its global presence rapidly.