Enterprise human resources (HR) management platform Darwinbox has today announced that it has raised its second round of funding from a clutch of investors. In this Series A funding round, the company has secured $4 million, led by Lightspeed India Partners.
The company’s existing investors, including Endiya Partners, Mohandas Pai’s 3one4 Capital and StartupXseed Ventures have also participated in the current round.
Chaitanya Peddi, co-founder and product head at Darwinbox, says that the newly raised investment will be employed for product innovation and market expansion. He added:
We will continue to invest in areas such as Big data, machine learning coupled with the latest research in HRM and psychology to maximise the value we offer to our clients, while staying relevant and ahead of the competition.
Dev Khare, Partner at Lightspeed India Partners Advisors, 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.
Rohit Chennamaneni, co-founder of the company, added:
Lightspeed has been investing in enterprise products globally since the past two decades and this is one of their first enterprise bets in India. That experience will help us a lot to innovate on the product and guide us on how to go global.
Founded by Rohit Chennamaneni, Jayant Paleti and Chaitanya Peddi in August 2015, Darwinbox is a cloud-based integrated HR technology product that takes care of all HR needs across the employee cycle.
Darwinbox has on-boarded approximately 40 clients in the past one year with over 100,000 employees using its platform. The clientele includes names like Paytm, Nivea, Delhivery, Swiggy and Godrej’s CDPL (Creamline Dairy Products).
The company’s primary focus is mid and large enterprises in India and it expects to add another 100 clients in the next one year. Chennamaneni says that in future, they want to expand to other markets in Asia and eventually have a global footprint.