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HR Startup Darwinbox Raises Seires A Funding From Lightspeed India Partners
Human resources software as a service startup Darwinbox has raised $4 million in a Series A funding round. The round saw participation from existing investors India Partners, Mohandas Pai’s 3one4 Capital, and StartupXseed Ventures and was led by Lightspeed India Partners.
This Human Resource Management startup is a new age cloud platform that takes care of all 6 HR modules. They manage recruitment, core transactions (leave, attendance, directory), payroll, employee movement, employee engagement, talent management and people analytics.
The company had raised an undisclosed amount in 2016 in a seed funding round. Chaitanya Peddi, co-founder and product head at Darwinbox plans to invest this latest capital in product innovation and market expansion across India and Internationally. He added in a statement that they will continue to invest in Big data, machine learning and the latest research in HRM and psychology to stay relevant and maximize the value they offer to their clients.
IIT, IIM and XLRI alums Jayant Paleti, Rohit Chennamaneni and Chaitanya Peddi started the company in 2015. They automate HR processes using their cloud-based end to end management platform across the entire employee organization. Rohit Chennamaneni added that they understand what Indian enterprises need and plan to give them a world class product. They also plan to expand to other markets in Asia and eventually go global.
They claim to have 50 companies as their clients including Paytm, Nivea, Godrej CDPL, Delhivery, Sai Life Sciences, Swiggy and Hetero Pharma. They mainly focus on mid and large enterprises in India and are expecting to add another 100 clients by the next year.
Dev Kher, a partner at Lightspeed India Advisors Partners will join the company’s board. He said that Darwinbox is leading the charge in taking human capital management to all employees beyond the HR department.
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