Hyderabad: 2022 has started flying startups for Startup Hyderabad with Darwinbox, which specializes in developing HR management software for large companies, emerging as the first true blue player to enter the Vaunted Unicorn Club with an assessment of more than $ 1 billion.
It follows the latest $ 72 million series Duaries led by TCV (Technology Crossover Ventures).
Round also saw participation from existing Darwinbox investors such as Endiya Partners, Salesforce businesses, Sequoia India, Lightspeed India, 3One4Capital, JGDEV and SCB 10x, among others.
This has taken the total funds to more than $ 110 million so far.
Darwinbox is the 84th startup from India to get to this exclusive club which also includes new Unicorns such as Analytics SaaS (software as a player) Fractal and Edtech Startup Lead School which makes cutting in January this year.
While in the past, some Hyderabad Born startups such as Zenoti (Spa & Saloon Management) and Highradius (Fintech) did join the Unicorn Club, this main milestone was reached after they shifted their headquarters to the US.
Most of the Startup Hyderabad moved HQ to other Indian cities such as Bengaluru or abroad to plug in growth phases due to lack of mature venture capital ecosystems in the city.
Darwinbox, which provides HR management was founded in 2015 by Telugu Trio of Chaitanya Peddi, an alumni of XLRI JAMSHEDPUR, Jayant PALETH Madras IIT and Iím Lucknow alumni and Rohit Chennamaneni, who did Btech from Vit and MBA from IIM Lucknow.
The founders say the latest funding will be “the Supercharge of the Global Expansion Plan Darwinbox by allowing it to accelerate the agenda of the innovation platform, strengthen the team, engineering, and customer success team along with the presence-to-market scale in South Asia, the sea, and mena”.
The company expects its team as a whole to grow 100% and also prepare to find the US market later this year.
“The company intends to use funds in employing senior level talents to make it to the next growth stage as well as in R & D to clean their products to meet new geography such as the US and in building brands,” Darwinbox Co-Founder and Product Head, Chaitanya Peddi gave Tofu Toi.
The company also observes inorganic growth opportunities through startup acquisitions that have complementary offers, add peddles.
At present, Startup has more than 700 employees spread across 13 offices in India and Southeast Asia and the Middle East.
“We can rent 400-500 other people in India and discuss the number of our employees in Southeast Asia from 80 people.
Good talents come at a cost, special senior level talents and these funds will be very useful,” he explained.
Darwinbox, who has recorded a 200% gravel growth since the last fundraising from Ventures Salesforce a year ago, has emerged as the youngest player and only Asian players in Quadrant Magic Gartner for Enterprise Cloud HCM, which is considered the gold standard for each software.
, Peddi shows.
“In addition, this year, we will strengthen Peron we offer a number of additional services and signed solutions and play to create an integrated HR technology ecosystem,” Peddi added.
“Investing behind the technology to manage talent has become unavoidable for organizational success.
Darwinbox capabilities are shown to build a nimble, innovative, and user-friendly solution along with Customer Centricity which in making them become a platform of choice for some of the leading companies,” said Jessica Neal, “said Jessica, a former head of talent on Netflix, and Ventura partner at TCV.