Darwinbox raises $140 million in funding round co-led by Partners Group, KKR

Human resource tech platform Darwinbox on Wednesday said it has raised USD 140 million in a funding round co-led by private equity firm Partners Group and investment firm KKR.
The company plans to use the fund for its international expansion.

"Darwinbox announced the signing of definitive agreements under which Partners Group, one of the largest firms in the global private markets industry (acting on behalf of its clients), and funds managed by KKR will co-lead an investment of $140 million in the company, with additional participation from Gravity Holdings," the company said in a statement.

Darwinbox has been backed by global investors like TCV, Microsoft, Salesforce Ventures, Peak XV, Lightspeed, and Endiya Partners, among others.

"The addition of Partners Group and KKR to an already-solid cap-table underscores Darwinbox's strong momentum over the recent years. The investment positions Darwinbox well to deepen its technology leadership and accelerate its international expansion plans," the statement said.

Founded in 2015, Darwinbox provides a mobile-first and AI-enabled human capital management platform and claims to serve more than 1,000 enterprises globally.

"This investment is a testament to Darwinbox's strong fundamentals. 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," Jayant Paleti, Co-founder of Darwinbox, said.

Darwinbox has expanded internationally across multiple markets, including Asia Pacific, the Middle East, the United Kingdom, and the United States.

"Darwinbox operates in the rapidly growing HR tech market, which we have been tracking through our thematic research. The company is acting as a key disruptor to legacy platforms in this space, investing heavily in product innovation, generative AI, and global expansion, and is well positioned to take market share," Partners Group managing director for private equity Cyrus Driver said.

Darwinbox claims to have achieved a five-fold growth in revenue in international markets, with over 60 per cent of new revenue coming from international markets.

"Darwinbox has established itself as a leading player in the human capital management space in a short span of time through its focus on innovation and customer centricity.

We are pleased to support Darwinbox on its next stage of growth and will look to draw from our global network and expertise to accelerate its international expansion ambitions," KKR partner and head of India for private equity Akshay Tanna said.