HRTech Unicorn Darwinbox bags Microsoft as an investor6 months ago Rituka M
- After joining the unicorn club, Darwinbox secures $4Mn from Microsoft.
- India accounts for $3.6Bn of the global HRtech market share in 2021.
- This Hyderabad-based startup aims to build a product for the simplification of the HR recruitment process and employee management.
Earlier this year, Darwinbox, an HRtech startup raised $72Mn in its Series D funding round. This round was led by Technology Crossover Ventures (TCV). With this infusion, the startup attained the status of a unicorn becoming the 3rd Indian unicorn in 2022. As an extension to this round, Darwinbox has added a multinational technology company; Microsoft to its list of investors. Recently, in early November, Darwinbox secured $4Mn from Microsoft and allotted them 1 equity share with an additional 11k Series D3 compulsory convertible preference shares.
Darwinbox counts Salesforce Ventures, Sequoia India, Lightspeed India, Endiya Partners, 3one4Capital, JGDEV, and SCB 10X among its existing investors. Overall, it has raised around $110Mn across various funding rounds.
Darwinbox is a cloud-based HR tech startup that aims to cater to and simplify the process of human resource employment. Founded in 2015, it enables companies to recruit, onboard, track core transactions such as attendance, and leaves, regulate payroll, and review employee analytics among others.
With the evolution of the work culture and standards over the last two years, it has become imperative for companies to adopt newer strategies to retain and cater to their employees. This Hyderabad startup aims to put employees at the center of the recruitment process and build a product that caters to their needs. The global HRtech market was valued at $22.89 Bn in 2020. Subsequently, this market intends to grow at a CAGR of 5.8% to $35.68 Bn in 2028. India accounts for $3.6Bn of that market in 2021.