Indian SaaS startup Darwinbox, which gives a platform for hiring, onboarding, and worker administration, has raised $140 million to compete with trade leaders like Rippling and Deel whereas accelerating its world enlargement, significantly within the U.S.
The funding spherical, co-led by KKR and Companions Group, consists of each main and secondary share gross sales, with a number of unnamed buyers partially exiting their stakes. Darwinbox’s investor lineup options Microsoft, Salesforce, Sequoia, TCV, Peak XV (previously Sequoia India), and Lightspeed.
With this newest spherical, Darwinbox’s complete fundraising has reached roughly $270 million. Whereas the corporate didn’t disclose its precise valuation, co-founder Jayant Paleti confirmed to TechCrunch that it was an up-round. Stories final week advised the corporate’s valuation stands at round $950 million. Notably, Darwinbox was beforehand valued at over $1 billion throughout its 2022 funding spherical.
Within the aggressive HR-tech house, giants like Deel and Rippling command valuations between $12 billion and $13 billion, whereas Darwinbox additionally contends with legacy gamers resembling SAP, Oracle, and Workday.
Regardless of being smaller than some rivals, Darwinbox stands out as a part of the brand new wave of homegrown enterprise startups rising from India and Southeast Asia, reflecting the area’s rising tech ecosystem past e-commerce.
The corporate serves over 1,000 enterprise purchasers, managing worker administration for greater than 3 million customers. It primarily targets mid-market firms with 3,000+ staff.
Presently, 60% of Darwinbox’s income comes from outdoors India, with the U.S. being its fastest-growing market. To strengthen its presence, co-founder Jayant Paleti has relocated to Texas, positioning the corporate for additional enlargement in North America.
