A Human Resources Tech software-as-a-service startup Darwinbox has raised $4 Million(around Rs 25 Crore) of Series A funding led by Lightspeed India Partners. The funding round was also participated by their existing investors which include Endiya Partners, Mohandas Pai’s 3one4 Capital, and StartupXseed Ventures.
Previously in July 2016, the startup rose an undisclosed amount of seed funding from their existing investors. Darwinbox is targeted at mid- to large-sized enterprises, and its competitors are SAP, SuccessFactors, and Oracle Fusion.
The Hyderabad-based HR SaaS startup was founded in August 2015 by IIT & IIM alums Rohit Chennamaneni, Jayant Paleti and Chaitanya Peddi. Darwinnox is an integrated HR Technology and Analytics Platform. Their cloud-based integrated HR Technology product which takes care of HR needs across the employee life cycle which includes Recruitment, Core transactions (Leaves, Attendance, Directory), Payroll, Employee Movement, Employee Engagement, Talent Management and People Analytics.
Jayant Paleti, Co-founder at Darwinbix said, ” We have built the platform to reflect local enterprise context while still having global product standards. There is a strong, ever increasing demand for a modern technology suite that will address these needs. With this capital raise, Darwinbox will continue to expand its core technology, product, and go-to-market capability across India & Internationally.”
The startup claims to have added more than 50 companies in last one year. Over 100,000 employees were hired across verticals, including technology, pharma, healthcare and logistics. Darwinbox’s clientele includes Paytm, Nivea, Godrej CDPL, Delhivery, Sai Life Sciences, Swiggy and Hetero Pharma.
Lightspeed Venture Partners has invested in direct and cross-border Indian companies since 2004. Their funding portfolio includes big names like Byju’s, OYO, Fastfox, Red Carpet, Magicpin and others.
Dev Khare, a partner at Lightspeed India Advisors Partners, said: ” Darwinbox is leading the charge in taking human capital management beyond the HR department to all employees with a highly user-friendly and configurable user experience.” Post funding, Dev Khare will join Darwinbox’s board panel.
The startup will use the new capital for product innovation and market expansion. Read more about Indian Startup Ecosystem.