Hyderabad: The year 2022 has started beginning fly to Hyderabad with Darwinbox startup, which specializes in developing human resource management software for large enterprises, emerging as the first true blue local players coming into the vaunted Unicorn Club with a score of more than $ 1 billion.
It follows the new fund-D series of the latest $ 72 million led by TCV (Technology Crossover Ventures).
Round also saw participation from existing investors such Darwinbox Endiya Partner, Salesforce Enterprise, India Sequoia, Lightspeed India, 3One4Capital, JGDev and SCB 10x, among others.
This has taken the total funding to more than $ 110 million so far.
Darwinbox is startup 84th from India to get to this exclusive club that also includes a new unicorn like analytics SaaS (software as a player) Fractals and EdTech Lead Startup School are making cuts in January this year.
While in the past, some startup Hyderabad born as Zenoti (Spa & Saloon Management) and Highradius (Fintech) is joined by Unicorn Club, a major milestone was achieved after they have shifted their headquarters to the US.
Most startup Hyderabad to move HQ to other Indian cities such as Bangalore or abroad to plug the growth phase due to the lack of a mature venture capital ecosystem in the city.
DarwinBox, which provides human resource management was established in 2015 by a trio of Chaitanya Telugu Peddi, an alumnus of XLRI Jamshedpur, Jayant Paleti IIT Madras and IIM Lucknow alumnus and Rohit Chennamaneni, who btech of Vit and an MBA from IIM Lucknow.
The founders said the latest funding would “supercharge Global Expansion Plans Darwinbox by allowing him to accelerate the innovation agenda of the platform, strengthen the team, engineering, and customer success team together with the scaling-to-market presence of his in South Asia, Sea, and Mena”.
The company expects overall team grew 100% and was also prepared to look for the US market later this year.
“The company intends to use the funds in hiring talent senior level to unsnap to stage further growth as well as in R & D for cleaning products to meet new geographies such as the US as well as in building its brand,” Darwinbox Co-founder and head of products, Chaitanya Peddi give know TOI.
The company is also eyeing inorganic growth opportunities through the acquisition of a startup that offers complementary, Peddi added.
Today, the startup has more than 700 employees spread across 13 offices in India as well as Southeast Asia and the Middle East.
“We can hire 400-500 people in India and discussed the number of our employees in Southeast Asia of 80 people there.
The talent was good comes with a cost, specialized senior level talent, and these funds will be very useful,” he said.
DarwinBox, which has recorded a growth of 200% blister since the last fund raising of Ventures Salesforce year ago, has emerged as the youngest player and only player of Asian origin in the Gartner Magic Quadrant for Enterprise Cloud HCM, which is considered the gold standard for any software.
, Peddi show.
“In addition, this year, we will strengthen our platform to offer additional services and solutions that can be signed and play to create integrated HR technology ecosystem,” added Peddi.
“Investing behind the technology for managing talent has become inevitable for the success of the organization.
The ability Darwinbox shown to build solutions that nimble, innovative and user-friendly along with Customer centricity that in making them become the platform of choice for several leading companies,” said Jessica Neal, “said Jessica, former head of talent at Netflix, and a venture partner at TCV.