Microsoft has invested in Hyderabad-based human resources software company Darwinbox, as more corporate customers seek an edge in retaining talented workers, according to a Bloomberg report.
The US-based tech giant made an equity investment of an undisclosed size as an extension of Darwinbox’s Series D round that valued the company at more than $1 billion in early 2022, the startup said in a statement on January 17.
As part of the collaboration, Darwinbox will adopt Microsoft Azure for its human capital management SaaS (software-as-a-service) platform, another report by VCCircle said.
Its SaaS platform caters to HR needs across the entire employee lifecycle with employee experiences and artificial intelligence-powered technology.
Darwinbox was founded in Hyderabad, India, in 2015 and counts Singapore as its international headquarters. It serves more than 700 enterprise clients.
The company claims to have clocked a 2 times revenue growth since its Series D funding round in early 2022 which helped it turn into a unicorn startup, the report further added.
The round was led by Technology Crossover Ventures (TCV), with participation from existing investors Salesforce Ventures, Sequoia Capital India, Lightspeed India, Endiya Partners, 3One4Capital, JGDEV and SCB 10X.
Salesforce Ventures and Sequoia Capital are among its backers, and its customers include HDFC Bank, Aviva Singlife and Tokopedia, the report further stated.
According to VCCircle, the company expanded to countries like Indonesia, Singapore and Philippines, Malaysia, Vietnam and Thailand. It counts Southeast Asia and India as the highest contributors towards its revenue and it also opened new offices in West Asia, Saudi Arabia, UAE and the US.
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