Darwinbox, an HR technology software provider, has raised $140 million in a funding round co-led by private markets investor Partners Group and global investment firm KKR, with participation from Gravity Holdings.
The company plans to use the fresh capital to support technology development and international expansion efforts. With over 1,000 enterprise clients, the company has expanded across Asia Pacific, the Middle East, the United Kingdom, and the United States till date, the firm said in a statement.
“By placing the employee experience front and center — and ensuring our platform is deeply configurable to diverse local needs — we have helped transform HR for enterprises globally. With top-tier investors backing us, we’re poised to amplify our global momentum and deliver innovative AI-powered solutions for thousands of enterprises worldwide," said Jayant Paleti, Co-founder of Darwinbox
Founded in 2015 by Paleti, Rohit Chennamaneni, and Chaitanya Peddi, Darwinbox provides a cloud-based human capital management (HCM) platform with AI-powered features for enterprises. The company has gained traction globally, particularly in North America, where it has been growing its presence for the past two years.
The firm joined the unicorn club in 2022 after it announced raising $72 million led by TCV at a valuation of over $1 billion. In 2023, Microsoft invested an undisclosed amount in Darwinbox.
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.
Darwinbox claims to have grown 3X in the last 2 years. The firm today serves more than 900 enterprises and is used by 3 million employees globally, it said in a statement.
Darwinbox has reported a 58 percent increase in total revenue for the financial year 2024 (FY24), driven primarily by its international expansion and the introduction of artificial intelligence (AI)-powered products to its offerings, Paleti told Moneycontrol in October last year.
The company's FY24 revenue stood at Rs 392 crore, marking a 3.2x increase over the past two years. This growth was bolstered by a rising share of international revenue, which reported an 87 per cent increase in the past year. The rise contributed more than 50 per cent of new annual recurring revenue (ARR).
KKR’s investment comes through its Asia Next Generation Technology strategy, which focuses on high-growth companies in software, fintech, and consumer technology. The firm has made several growth-stage investments in India and the region, including Lenskart, Rebel Foods, and Livspace.
Partners Group, investing through its growth equity strategy, has previously backed companies such as Lumin Digital, a cloud-based banking provider, and Neara, an AI-powered infrastructure modeling platform.
Darwinbox’s existing investors include TCV, Microsoft, Salesforce Ventures, Peak XV, Lightspeed, and Endiya Partners. Avendus Capital acted as the financial advisor on the transaction.
The funding comes at a time when SaaS ecosystem is witnessing a resurgence as investors increasingly back companies integrating AI-driven capabilities into their offerings. With enterprises prioritizing automation, data-driven decision-making, and personalized user experiences, AI-powered SaaS platforms are attracting larger investment rounds.
Startups such as SuperOps, Whatfix, and Atomicwork have successfully raised significant funding by integrating AI-driven capabilities, signaling a shift in investor preference.
Also Read: India’s SaaS sector sees green shoots as AI drives investment surge in 2025
In the first two months of 2025, SaaS startups raised around $445 million in funding including large acquisitions. Most active investors of 2025 in SaaS include Blume, Peak XV, Elevation, Accel India, Neon Fund, 3One4 and Together Fund.
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