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HR services SaaS company Darwinbox raises $140 million from Partners Group, KKR, others

Economic Times

Economic Times · 7m ago

HR services SaaS company Darwinbox raises $140 million from Partners Group, KKR, others

Darwinbox, a SaaS HR-services unicorn, raised $140 million from Partners Group, KKR, and others, valuing it around $950 million. Founded in 2015, the company serves over 1,000 enterprises globally. The latest funding, primarily secondary with some primary investment, will focus on R&D and international expansion. Darwinbox emphasizes AI innovation and payroll investment, generating 70% of revenue from new clients. The firm aims for over 50% revenue growth in FY25, with significant contributions from international markets.

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Related News

Partners Group, KKR lead $140-mn investment in Darwinbox

VCCircle

VCCircle · 7m ago

Partners Group, KKR lead $140-mn investment in Darwinbox

Partners Group and KKR are leading a $140 million investment round in Indian HR tech startup Darwinbox to support its international expansion. This round includes Gravity Holdings and involves both primary and secondary capital. Founded in 2015, Darwinbox offers automation services across the employee lifecycle. The company has previously raised $72 million at a $1 billion valuation and expanded into North America and other markets, achieving significant international revenue growth.

Darwinbox seeks fresh funding upto $150 mn

Inshorts · 7m ago

Darwinbox seeks fresh funding upto $150 mn

HR tech platform DarwinBox is reportedly in talks to raise $120-150 million in a fresh funding round to be led by global private equity firms KKR and Partners Group. As per a Mint report, the round, which will be a mix of primary and secondary infusion, is expected to value the company at around $950 million.

Darwinbox secures $40 million funding from Canada's OTPP - The Economic Times

Economic Times

Economic Times · 1m ago

Darwinbox secures $40 million funding from Canada's OTPP - The Economic Times

Darwinbox, a Hyderabad-based HR software firm, raised $40 million from Teachers’ Venture Growth, a branch of Ontario Teachers’ Pension Plan. This follows a $140 million funding round earlier in the year, valuing the company at $1 billion. The investment allowed early investors like Peak XV Partners significant returns. Darwinbox, serving over 1,000 enterprises, reported a 58% revenue increase and aims to expand further into the US market, targeting significant revenue growth.

ETtech deals digest: Startups raise $1.9 billion in March, up over two-fold on-year

Economic Times

Economic Times · 6m ago

ETtech deals digest: Startups raise $1.9 billion in March, up over two-fold on-year

Indian startups raised $1.99 billion in March, more than twice the amount from the same period last year, which was $859 million. This funding was secured over 82 rounds, focusing on early and late-stage startups. Key deals included $1 billion for Erisha E Mobility from a UAE investor, $251 million for Zolve in a debt-equity mix, $140 million for Darwinbox co-led by Partners Group and KKR, and $110 million for Nexthop AI led by Lightspeed Venture Partners.

Grapevine: KKR, Partners Group, Darwinbox, Axis Finance, ePlane, Composio in news

VCCircle

VCCircle · 7m ago

Grapevine: KKR, Partners Group, Darwinbox, Axis Finance, ePlane, Composio in news

Darwinbox, a human resources technology platform, is close to a funding round that may value it at approximately $950 million. Separately, Axis Bank is in discussions to sell its non-banking unit, as reported by the media. Additionally, Chennai-based flying taxi company, The ePlane Co, is seeking investment to support the launch of its flying taxi services. These updates highlight significant developments involving major companies like KKR, Partners Group, and others in the financial and tech sectors.

Canada's OTPP in talks to invest in Darwinbox; valuation may hit $1 billion: Sources - The Economic Times

Economic Times

Economic Times · 1m ago

Canada's OTPP in talks to invest in Darwinbox; valuation may hit $1 billion: Sources - The Economic Times

Ontario Teachers' Pension Plan (OTPP) is set to acquire a $50 million stake in Darwinbox, an HR SaaS firm, valuing it at over $1 billion. The transaction involves both primary and secondary components, enabling Peak XV Partners to partially exit its investment in the company. Darwinbox, serving over 1,000 global enterprises, aims for significant revenue growth, bolstered by international expansion efforts, particularly in markets like the US.

Exclusive: Darwinbox adds $21 Mn worth of ESOP for employees

Entrackr

Entrackr · 13d ago

Exclusive: Darwinbox adds $21 Mn worth of ESOP for employees

Exclusive: Darwinbox adds $21 Mn worth of ESOP for employees According to Entrackr’s estimates, the newly added ESOPs are valued at around Rs 186.6 crore (around $21 million), taking the total ESOP pool to Rs 426 crore ($48.4 million). HR tech platform Darwinbox has expanded its existing ESOP plan by adding additional employee stock options worth over $20 million. The board at Darwinbox has passed a resolution for approval to add 64,377 options to its existing plan, bringing the total ESOP pool to 1,46,908 options, its regulatory filing with the Registrar of Companies (RoC) shows. According to Entrackr’s estimates, the newly added ESOPs are valued at around Rs 186.6 crore (around $21 million), taking the total ESOP pool to Rs 426 crore ($48.4 million). In addition, the company holds 1,13,903 equity shares in its ESOP trust worth about Rs 330 crore ($37.5 million). In total, Darwinbox’s ESOP pool is valued at around Rs 756 crore ($86 million). This ESOP expansion comes on the heels of its Rs 86 crore ($10 million) ESOP buyback in June this year. Hyderabad-based Darwinbox offers a cloud-based HR management platform that covers recruitment, payroll, engagement, talent, and analytics. The company serves more than 1,000 clients, managing 4 million employees across 130 countries. According to the firm, the majority of its revenue comes from Southeast Asia and India. According to startup data intelligence platform TheKredible, Darwinbox has so far raised over $290 million across multiple funding rounds, including its $140 million in March co-led by Partners Group and KKR. The Peak XV-backed Darwinbox reported a 48% increase in operating revenue to Rs 333 crore in FY24, while its net losses widened to Rs 191.8 crore. The company is yet to disclose its FY25 financials.

HRtech firm Darwinbox in talks with KKR at lower valuation

Inshorts · 8m ago

HRtech firm Darwinbox in talks with KKR at lower valuation

Private equity firm KKR is eyeing a stake in Darwinbox, which provides software for HR management. It is expected to lead a deal involving secondary shares. Some of Darwinbox's early investors will offload a tranche of their shares. These include Endiya Partners, which owns an 8% stake, and Lightspeed Venture Partners, which controls around 20%.

Darwinbox’s early investors look to exit at a 10-15% discount amid SaaS slowdown

Livemint

Livemint · 1y ago

Darwinbox’s early investors look to exit at a 10-15% discount amid SaaS slowdown

Early investors in HR technology platform Darwinbox, such as Lightspeed Ventures and Endiya Partners, may exit the company partially or completely in a secondary funding round. Other early investors, including Peak XV and StartupXseed, may also exit depending on the deal. Darwinbox became a unicorn in 2022 after a $72 million Series D funding round and received additional funding in January 2023. The company aims to become profitable and go public by 2025. However, the SaaS industry has seen a slowdown, leading to changes in pricing models and lower valuation multiples.

Darwinbox completes Rs 86-crore Esop buyback from 350 employees

Economic Times

Economic Times · 3m ago

Darwinbox completes Rs 86-crore Esop buyback from 350 employees

Darwinbox, a SaaS unicorn specializing in HR services, completed an Rs 86-crore ESOP buyback from 350 employees, marking its largest such initiative. This is the company's third ESOP buyback in four years. The move reflects Darwinbox's commitment to employee wealth creation as the firm continues to grow. Darwinbox aims for over 50% revenue growth in FY25, building on a 58% rise in FY24 revenue, driven by international expansion and enhanced R&D efforts.

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