Software-as-a-Service (SaaS) unicorn, Darwinbox has raised $140 million in a funding round from large PE investors Partners Group and KKR.
The new investment will be deployed to deepen its technology leadership and accelerate its international expansion plans.
The round—largely secondary with a small primary component—also saw participation by Gravity Holdings.
Darwinbox Co-founder, Chaitanya Peddi said that some early investors have sold part of their holdings.
“These are early investors who entered during the seed and Series A rounds. The key point is that all of them have only partially exited and still retain significant equity in the company. Valuation is at a premium than the previous round,” he said.
“This investment is a testament to Darwinbox’s strong fundamentals and the trust we have earned from our 1,000+ global customer base,” said Jayant Paleti, Co-founder of Darwinbox. “By placing the employee experience front and center — and ensuring our platform is deeply configurable to diverse local needs — we have helped transform HR for enterprises globally. With top-tier investors backing us, we’re poised to amplify our global momentum and deliver innovative AI-powered solutions for thousands of enterprises worldwide.”
The company was last valued at $1 billion in 2022, following a $72 million funding round led by Netflix-backer TCV.
Since Darwinbox’s operations, in the last 10 years the company has expanded in the Middle East, Southeast Asia and North America.
The company’s revenue was up by 58 per cent to ₹393 crore in FY24, from ₹249.5 crore in FY23. The growth was driven by R&D investments, rising international revenue share, and increasing revenue contribution from existing customers, reported businessline.
EBITDA margin improved by 17 per cent compared to the previous fiscal year. Explaining the revenue contribution across sectors. Although Darwinbox is sector-agnostic, 50 per cent of its revenue comes from the BFSI, manufacturing, industrial, IT, and consulting sectors.
Founded in 2015, the Peak XV and Lightspeed-backed firm helps organisations manage their HR needs, including hiring and onboarding, touchless attendance, and employee management. It serves over 1,000 enterprises across various sectors in 130 countries.