HRtech firm Darwinbox raises $5 Mn led by SBI in Series D round
- ByStartupStory | January 4, 2023
Darwinbox, an HR technology platform, has raised $5 million in an extension of a Series D round led by State Bank of India (SBI). This is the Hyderabad-based company’s first fundraising effort in 2023.
Darwinbox’s board of directors approved a special resolution to issue 14,523 Series D3 compulsory convertible preference shares (CCPS) to State Bank of India (SBI) at an issue price of Rs 28,105 per share for a consideration of Rs 40.82 crore, or approximately $5 million, according to the company’s regulatory filing with the Registrar of Companies (RoC).
After SAP and Oracle, the company claims to be the third-largest SaaS-based HRtech firm. According to the platform’s website, it has provided services to over 2 million employees from over 700 organisations in 90 countries.
While Darwinbox has yet to release its financials for FY22, it did report a 93% increase in revenue from operations to Rs 53.3 crore in FY21. According to the RoC’s annual financial statement, the company’s losses increased by 36% to Rs 8.7 crore during the same period.
According to media reports, Darwinbox plans to hire 500 more people for its various offices around the world within the next year and to go public within the next three years.
The founders’ passion for creation led them to create a type of technology that is incredibly simple to use, designed for any and all types, and is constantly innovating to evolve faster than change. Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni founded it in 2015. Darwinbox raised approximately $4 million from Microsoft Corporation in November 2022.
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