Darwinbox is a startup in the HR technology platform space and the company has raised $15 million (Rs 105 crore) as part of its Series B fund raising effort. This investment round was led by Sequoia India with contributions coming from existing investors in the venture, Lightspeed India Partners, Endiya Partners and 3one4 Capital.
The startup has developed a useful cloud-based framework for human resources management that can be easily adapted by companies. Darwinbox boasts of over 200 top companies as its clientele drawing on its platform for their end-to-end HR management. Their HR platform can be applied right from the recruitment stage till the employee leaves the organisation. This includes the full circle of an employee’s link to the organisation that covers recruitment, onboarding, leaves, attendance, payroll and expenses, performance management, rewards & recognition.
The list of customers to have adopted the Darwinbox HR Management platform reads like a who’s who of the best on industrial and business enterprises in the continent viz. Arvind, Adani, Mahindra, Kotak, GVK group companies, Bharti AXA, Dr.Reddy’s, Bisleri, Nivea, Swiggy, Paytm, and Times Internet etc. Similarly, the business segments it has marked its presence in, include Pharma, Healthcare, Manufacturing, BFSI, Consumer Products, Technology and Retail. Darwinbox has been able to stand up to and succeed against some formidable players in the field like SAP, Oracle and Workday.
Now, with the fresh infusion of funds, the company will expand its operations within Asia and add more technology to the product offerings within its catalogue. They are already present in 50 countries and efforts will be made to enter more markets. An estimate puts the figure of the Asian market for HR technology services at $9 billion.
According to Jayant Paleti, Co-founder, they try to help their customer organisations to “engage, empower & elevate the potential of their workforce”.
Darwinbox’ ability to offer scalable and flexible tools for HR practices has come for praise from both their customers and the investors. An example being cited is that of online food order delivery major Swiggy which scaled up from 500 employees to 10,000 and found Darwinbox very useful in managing its HR function smoothly all the way.