Sequoia leads $15 Mn Series B round in HRtech startup Darwinbox

HRtech startup Darwinbox has raked in $15 million in a Series B round led by Sequoia Capital. Existing investors Lightspeed Ventures, 3one4 Capital and Endiya Partners also participated in the round.

The fresh capital infusion comes after a gap of two years for the Hyderabad-based startup, which will expand its services beyond India into Southeast Asia.

Besides, a significant portion of the round will be used to grow its leadership team in the both region, R&D around artificial intelligence and machine learning amongst others.

According to the company, it already has six clients in the SEA region, ranging from mid to large enterprises.

In its four years of operations in India, Darwinbox has onboarded 200 enterprise clients and served around 5,00,000 employees. Apart from large groups such as Arvind Group, Kalyani Group, Tata Group, Mahindra Group and Adani, the B2B SaaS company has also clients like Paytm, Myntra, Delhivery, BigBasket and several others.

Founded by Rohit Chennamaneni, Jayant Paleti and Chaitanya Peddi, Darwinbox is a cloud-based integrated HR technology product that takes care of all HR needs such as recruitment, payroll, employee engagement, talent management and people analytics across the employee life cycle.

For the past couple of year, the company’s customer base has increased by five times, and annual sales increased by three times.

Other notable startups competing in the same segment are MindTickle, greytHR, ZingHR, Hush and SumHR.