Darwinbox, a new-age cloud Human Resource (HR) startup, has raised $4 million (Rs 25.77 Cr) in a Series A funding from Lightspeed India Partners along with existing investors Endiya Partners, 3one4 Capital and StartupXseed.
The platform takes care of all HR needs across the employee life cycle, the six HR modules, which include recruitment, core transactions (leave, attendance, directory), payroll, employee movement, employee engagement, talent management and people analatics. Darwinbox’s clientele includes companies such as Paytm, Swiggy, Nivea and Godrej CDPL.
“It plans to use this funding to continue product innovation as well as focus market expansion in Asia,” said Rohit Chennamaneni, co-founder, Darwinbox.
“We are glad to partner with Lightspeed India Partners in this exciting journey. The investor interest is a testament to our product vision, market traction and belief in building best in class futuristic HR Technology that maximizes employee potential in organisations,” Chennamaneni added.
Darwinbox came into being in August 2015 when Jayant Paleti, one of the co-founders, realized that a previous company he was working for, had three different HR software which made data capture very difficult. Then they decided to start platform which can make HR intelligent and strategic, unifying aspects of HR like recruitment, payroll, employee engagement, talent management in to one platform.
“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,” said Dev Khare, Partner at Lightspeed India Partners Advisors.
In last two years, HRTech sector saw around 33 deals grossing in $75.22 million. Startups competing in the same segment are MindTickle, Greyhr, ZingHR and SumHR.
Last year in July, Darwinbox had raised an undisclosed amount of funding in a Pre Series A round of funding led by Endiya Partners. The round also witnessed the participation of TracxnLabs, Aaruha Technology, and Mohandas Pai via 3one4 capital.