Indian SaaS startup Darwinbox, which offers a platform for hiring, onboarding, and employee management, has raised $140 million to compete with industry leaders like Rippling and Deel while accelerating its global expansion, particularly in the U.S.
The funding round, co-led by KKR and Partners Group, includes both primary and secondary share sales, with several unnamed investors partially exiting their stakes. Darwinbox’s investor lineup features Microsoft, Salesforce, Sequoia, TCV, Peak XV (formerly Sequoia India), and Lightspeed.
With this latest round, Darwinbox’s total fundraising has reached approximately $270 million. While the company did not disclose its exact valuation, co-founder Jayant Paleti confirmed to TechCrunch that it was an up-round. Reports last week suggested the company’s valuation stands at around $950 million. Notably, Darwinbox was previously valued at over $1 billion during its 2022 funding round.
In the competitive HR-tech space, giants like Deel and Rippling command valuations between $12 billion and $13 billion, while Darwinbox also contends with legacy players such as SAP, Oracle, and Workday.
Despite being smaller than some rivals, Darwinbox stands out as part of the new wave of homegrown enterprise startups emerging from India and Southeast Asia, reflecting the region’s growing tech ecosystem beyond e-commerce.
The company serves over 1,000 enterprise clients, managing employee administration for more than 3 million users. It primarily targets mid-market companies with 3,000+ employees.
Currently, 60% of Darwinbox’s revenue comes from outside India, with the U.S. being its fastest-growing market. To strengthen its presence, co-founder Jayant Paleti has relocated to Texas, positioning the company for further expansion in North America.
