Darwinbox, a city-based enterprise HR tech company, raised $72 million from investors, and the company’s valuation post this round will cross the one billion USD mark, which makes it the first unicorn from Hyderabad. The investment was led by Technology Crossover Ventures (TCV) for the company founded by Chaitanya Peddi, Jayant Peddi, and Rohit Chennamaneni in 2015 to build world-class technology products from the city.
Existing investors in the company, Salesforce Ventures, Sequoia, Lightspeed, Endiya Partners, 3One4Capital, participated along with TCV, shares Darwinbox. Since its last fundraise, the company has grown 200 percent and has raised $110 million to date. The company aims to accelerate product innovations and global expansion, including a launch in the US this year.
According to Gopi Vaddi, general partner, TCV, their entity was excited to invest in visionary founders that are fundamentally transforming large markets. Today, 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, Big Basket, Swiggy, and MakemyTrip.
While they started with a mission to build smarter and better technology for the modern-day employee, they intend to expand globally and hire exponentially across all geographies. Darwinbox has 12 global offices with over 700 employees and is hoping to expand its global footprint rapidly.