Why Sequoia India Invested In Darwinbox
Are you looking to create a rewarding and engaging work culture? Look no further!
Darwinbox, the human resource services platform, has just secured $15 million in Series B funding from Sequoia India, Radicle Venture Capital and Endiya Partners. This will help them to revolutionize HR services for better employee experiences.
So let’s look at what this development will mean for you.
Darwinbox, a cloud-based HR Tech platform, has raised $15 million in a Series B round led by Sequoia India with participation from existing investors GrowthStory, Endiya Partners and Three Leaf Ventures. Darwinbox will use the new funding to strengthen its tech stack and expand its product suite across Asia Pacific.
Founded in 2015 by Jayant Paleti, Rajeshwar Prasad and Chaitanya Peddi, Darwinbox is an integrated Human Capital Management platform that automates key HR processes like onboarding & offboarding, payroll & reimbursements, performance management & career growth among others. It counts some leading brands such as Dr. Reddy’s Laboratories Ltd., Spencer’s Retail Ltd., Jet Airways Ltd., Uniphore etc as customers. These companies rely on Darwinbox’s technology to enable employee engagement at all levels while managing relevant statutory compliance.
Darwinbox has also seen an increase in adoption rates across geographies within the last financial year – once again validating the strength of products built on its tech stack for medium & large enterprises across sectors like manufacturing, services and FMCG.
Overview of Darwinbox
Darwinbox is a comprehensive Human Resources (HR) technology platform based in India. The platform assists organizations with talent management by handling entire hiring and HR processes, from recruitment to performance management, and providing insights into employee engagement and other people-based activities. In addition, the company provides its users with sophisticated yet user-friendly applications.
The company was founded in 2015 by Chaitra Chidanand, Jayant Paleti, Rohit Chennamaneni and Avinash Vankadaru. Darwinbox offers an array of products built on intelligent data-driven HR process automation. Their portfolio includes applicant tracking systems, individual performance management systems and core HR software — all designed to fulﬁll the needs of enterprises of any size.
Furthermore, Darwinbox automates payroll processes while enabling users to design rules to calculate an employee’s monthly salary accurately and quickly. They also offer top tools such as attendance tracking, employee engagement modules, human resource information systems (HRIS) and more, aiming to maximize the efficiency of a given organization’s human resources team.
Benefits of Darwinbox
Darwinbox is a Human Resources (HR) technology company that provides a cloud-based HR platform for organizations worldwide. Recently, the company announced that it had raised $15 million in its Series B funding round, led by Sequoia India and other prominent venture firms.
The funding will provide Darwinbox with a powerful platform to accelerate growth and increase its ability to deliver innovative HR software solutions to global enterprises and organizations. This will cover various HR domains such as performance management, recruitment, onboarding, team management and employee engagement.
Darwinbox offers many benefits for organizations looking to improve their HR processes and increase efficiency in the workplace. Some of these include:
• Streamlined data record keeping – all employee information is stored in one central database. • Improved user experience – customization allows for quick navigation and improved usability. • Automation capabilities – automated workflows help reduce manual effort associated with repetitive tasks such as payroll processing and attendance tracking. • Increased employee engagement – customizable analytics help measure employee performance while engaging them with rewards and recognition programs. • Enhanced compliance – compliance triggers help reduce risk related to non-compliance with organizational policies or external regulations such as labor laws.
Fueled by this capital infusion, Darwinbox will continue expanding its product offering while delivering best-in-class solutions for customers worldwide.
Overview of Series B Funding
Series B funding is venture capital for advanced startups, primarily for growing and scaling operations. It comes after the company has had some success with its Series A funding, achieved product-market fit, and is ready to expand beyond its initial market. Series B funding typically ranges between $7 million to $10 million.
At this stage, companies often focus on market expansion and marketing efforts to increase sales. However, with the help of the capital influx from Series B investments, businesses are better equipped to tackle things like aggressive customer acquisition and fortifying back-end operations that can bring more value to existing customers. The money also allows companies to accelerate product development cycles to make more frequent releases of new features with assurance that those features meet their high-quality standards.
Series B investors are typically larger venture capital firms than those which invest in Series A rounds and individual “superangel” investors in certain cases. They may also partner with original investors from Series A or bring entirely new investors onboard. In addition, universities, endowments and other corporate venture entities might also participate in a round of Series B financing.
Darwinbox Raises $15 Million Series B Funding From Sequoia India & Others
On May 4th 2020, Darwinbox, India’s leading HR-tech provider raised $15 million in its Series B round of funding. Led by Sequoia India and concluded at a valuation of over $100 million, the investment brings the total raised to date by the venture to almost $20 million.
The new funding will enable Darwinbox to expand operations, bolster its long-term growth strategy and provide resources for acquiring new customers. This injection also comes with intellectual and advisory support from investors including Shivakumar Ganesan (former Senior Vice President of Engineering at PayPal); Anand Deshpande (founding CEO & Chairman of Persistent Systems Ltd); Kunal Bahl & Rohit Bansal (Co-founders Snapdeal); Florent Charpentier & Yogesh Ghaturle (Co-founders of Information Matrix Solutions); Prasant Nair & Mohandas Pai (Accel Partners India).
Darwinbox is focused on enabling enterprises with digital transformation through various HR offerings such as employee experience solutions, talent management solutions and business intelligence solutions. In addition to launching several new solutions for creating enhanced user experience for its customers’ enterprise workforce engagement needs during the pandemic, Darwibox has witnessed several large deals across EMEA and APAC regions.
Impact of Funding
The Series B investment of $15 million marks Darwinbox’s largest funding round till date and highlights venture capitalists’ tremendous trust in their technology-driven HR solutions. Allowing the company to expand their global footprint and active customer base, this funding will enable Darwinbox to develop new capabilities and add newer features to their existing product suite.
In addition, the funds will be used to enable innovative new business models, hire new talent and create a strong base for growth in cities such as Singapore, Kuala Lumpur, Dubai and South Africa. Using funds for international acquisition and global expansion will also help make Darwinbox a preferred player in emerging markets.
Darwinbox’s technology-driven HR platform focuses on Talent Acquisition, Learning & Development, Payroll & Benefits Administration, Performance Appraisal & Engagement Management ensuring that customers get access to real insights into HR ventures. Since its inception in August 2015, Darwinbox has gained over 1 million users across India with multiple prominent national brand customers including Swiggy, Airtel Payments Bank, RBL Bank and policybazaar.com.
Darwinbox, an HRtech firm, recently raised $15 million in a Series B funding round led by the venture capital fund Sequoia India and its existing investors, Endiya Partners and Sharad Sharma of iSPIRT. With this new injection of funds, Darwinbox aims to continue increasing their user base by driving more sales and product development.
The company plans to use the funding to expand its presence in the Middle East, the U.S., Europe and Southeast Asia. The company also targets international clients from Fortune 500 companies based out of North America and Europe by expanding its global team to US (San Francisco), Dubai, SingaporeTech industry.
In addition, Darwinbox plans to provide an upgradable solution that can be adapted as businesses grow in size and modules are added or changed based on market requirements. This will further enhance their engagement with customers by helping them stay up-to-date with new technologies in Human Resources (HR). Finally, they plan to continue working on their AI-driven HR platform, which holds great potential for simplifying Human Resources functions and more efficient.
The funding comes at an important stage for Darwinbox where it has seen rapid growth in its customer base, with established clients across two continents. With the Series B funding, the company plans to further develop its end-to-end HR product suite, focus on global sales and marketing efforts, and strengthen resources for driving customer success.
Sequoia India’s investment is another milestone on Darwinbox’s journey towards becoming India’s leading HR Tech platform as it has received backing from some of the most eminent investors in India & US – Tiger Global Management, ChrysCapital, Lightspeed Ventures & 3one4 Capital have all participated in this round.
Darwinbox’s product suite is solving complex problems for organisations worldwide through a mix of industry best practices bundled with cutting edge technology offering companies an easy to use industry leading product that can be deployed instantly. The Series B funding will propel Darwinbox to expand into newer markets and build their comprehensive suite to offer unique experiences for emerging companies looking to manage their talent more effectively.