Darwinbox Digital Solutions Pvt. Ltd, an enterprise human resources management platform, said on Thursday it has raised $15 million (Rs 106 crore) in a Series B round of funding.
Venture capital firm Sequoia India led the funding round, Darwinbox said in a tweet.
Lightspeed India Partners, Endiya Partners and 3one4 Capital also took part in this round, it said.
Hyderabad-based Darwinbox aims to use the fresh capital to grow its business across Asia as well as focus on product development and innovation, according to digital media publication YourStory.
Company co-founder Chaitanya Peddi said the startup was focussing on solving the pain points associated with traditional HR processes in large and complex organisations, according to the report.
Peddi said Darwinbox would also invest in strengthening its analytics layer with artificial intelligence and machine learning capabilities.
The company was founded in 2015 by Peddi, Jayant Paleti and Rohit Chennamaneni. It had secured seed funding in July 2016 and pocketed a Series A cheque the following year.
Its cloud-based management platform automates HR processes such as recruitment, on-boarding, time and attendance, expense management, payroll and employee management, among others.
According to its website, its clients include organisations such as Times Internet Ltd, fintech firm Paytm, food delivery startup Swiggy and logistics startup Delhivery.
Deals in the HR-tech segment
Darwinbox is one of several human resource technology startups to have attracted investors. Such startups seek to address India’s growing need for talent while addressing gaps in traditional HR systems.
In August, Talview Inc. raised $6.75 million in its Series A round of funding from investors such as the US-based Storm Ventures, Inventus Capital, Eileses Capital and Emergent Ventures.
In June, Kredily raised $750,000 in a seed funding round led by Fosun RZ Capital, an affiliate of Chinese conglomerate Fosun Group. That month, employee performance management platform Dockabl raised $1.26 million in a pre-Series A round from investors including Aditya Berlia of the Apeejay Group of Companies and Ritesh Malik of Guerilla Ventures.
