Cloud-based HR tech startup Darwinbox has secured $4 million in Series A funding, led by Lightspeed India Partners, along with participation from the company’s existing investors Endiya Partners, Mohandas Pai’s 3one4 Capital and Startupxseed Ventures. Darwinbox had raised its pre-series A round, less than a year ago.
Commenting on the development, Jayant Paleti, co-founder of Darwinbox said “With this capital raise, Darwinbox will continue to expand its core technology, product and go-to-market capability across India & internationally”.
Lightspeed India Partners, the early-stage venture capital firm that primarily invested in the funding round, was upbeat about its decision. “At all sizes and in all industries, businesses succeed when their employees and managers are engaged for maximum productivity and potential. As a result, human capital management software is core to the success of every business,” said Dev Khare, Partner at Lightspeed India Partners Advisors.
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. We are thrilled to partner with Rohit, Chaitanya, Jayant and their team,” he added.
In the last one year, Darwinbox claims to have added more than 50 companies and 1 lakh employees across verticals such as technology, pharma, healthcare and logistics. The company’s marquee clients include Paytm, Nivea, Godrej CDPL, Delhivery, Sai Life Sciences, Swiggy and Hetero Pharma. Darwinbox operates on a SaaS model which allows companies to only pay as they use.
Talking of their future plans, co-founder and product head of Darwinbox, Chaitanya Peddi said “We will continue to invest in areas such as Big data, machine learning coupled with latest research in HRM and psychology to maximize the value we offer to our clients while staying relevant and ahead of the competition”.