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HR tech startup Darwinbox becomes remarkable Asian software unicorn

Darwinbox, a Hyderabad-based enterprise HR Tech company, has raised more than $1 billion in funding from investors, including a unit of Salesforce.com Inc. and Sequoia Capital, making it one of the few Asian software businesses to reach that milestone. 

According to Darwinbox, the investment round was headed by Technology Crossover Ventures (TCV), with previous investors Salesforce Ventures, Sequoia Capital, Lightspeed Venture Partners, Endiya Partners, and 3One4Capital. The company has raised more than USD 110 million to date and has expanded by 200% since its last fundraising a year ago.

According to the business, the new funding will be used to drive product innovation and global expansion, including a launch in the United States this year. Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni, the three co-founders, came together in November 2015 to develop a world-class technological product from Hyderabad for the rest of 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.

Over 650 companies use Darwinbox’s HR software throughout the world. JSW, Adani, Mahindra, Vedanta, SBI General Insurance, Kotak, TVS, National Stock Exchange, Ramky, Aurobindo, Yashoda, Bigbasket, Swiggy, and Makemytrip are among its famous customers, which include Asia’s top conglomerates and fast-growing technology unicorns.

“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 currently has 12 global offices with over 700 employees and plans to expand its headcount and global footprint aggressively.

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