Darwinbox Revenue, Valuation, Funding & Investors

Darwinbox is valued at $1B as of August 2025.

Last Darwinbox valuation

$1B

Series D · Aug 2025

Last Darwinbox funding round

$40M

Series D · Aug 2025

Darwinbox revenue

$42M

Series D · Mar 2025

Key investors in Darwinbox

  • 3one4 Capital
  • Endiya Partners
  • Lightspeed India Partners
  • Peak XV Partners
  • Sequoia Capital
  • Salesforce Ventures

Darwinbox Overview

About Darwinbox

Darwinbox is a cloud HCM platform managing the full employee lifecycle for enterprises in India, Middle East, and Southeast Asia. Hyderabad-headquartered and founded in 2015, the SaaS solution covers recruiting, onboarding, performance, payroll, and engagement with AI features like predictive attrition. Darwinbox powers HR for over 1,000 organizations including Reliance and Nivea across 90 countries.


Founded

2015

HQ

IndiaHyderabad

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$42M (Mar 2025)

Valuation

$1B (Aug 2025)

Darwinbox Valuation

Darwinbox is currently valued at $1B, based on its Series D in August 2025.

The $40M round was led by Teachers’ Venture Growth.

Darwinbox's valuation has moved from $1B at its Series D in January 2022 to $1B in August 2025, across 5 priced rounds.

Darwinbox valuation by funding round

Revenue multiple
Darwinbox valuation by funding round
DateStageValuationRevenue Multiple
Aug 2025Series D$1B-
Mar 2025Series D$950M22.6x
Jan 2023Series D$17M-
Nov 2022Series D$1B142.9x
Jan 2022Series D$1B23.8x

Darwinbox Revenue

Darwinbox's latest recorded revenue is $42M, as of its Series D in March 2025. At a $950M valuation, that implies a 22.6x revenue multiple.

Revenue moved from $42M in January 2022 to $42M in March 2025, while the revenue multiple moved from 23.8x to 22.6x.

Darwinbox revenue by funding round

Darwinbox revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Mar 2025$42M$950M22.6xSeries D
Nov 2022$7M$1B142.9xSeries D
Jan 2022$42M$1B23.8xSeries D

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Darwinbox Funding History

Darwinbox has raised a total of $307M across 9 funding rounds, plus 1 secondary share sale.

Darwinbox's first fundraising round was a $500K seed round in July 2016. The most recent completed round was a $40M Series D in August 2025.

Darwinbox funding rounds

Darwinbox funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2026SecondaryTeachers’ Venture Growth (lead)$40M-Teachers’ Venture Growth, the late-stage venture and growth arm of Ontario Teachers’ Pension Plan, made a $40 million follow-on investment in Darwinbox in September 2026 through a secondary share sale. The transaction was TVG’s second investment in the Hyderabad-based AI-powered HCM platform and followed its prior $40 million backing in 2025. Darwinbox had previously raised a $140 million round in March 2025 led by Partners Group and KKR. The company provides enterprise HR technology software and had reported strong revenue growth, with the new capital positioned to support AI product development and North America expansion.
Aug 2025Series DTeachers’ Venture Growth (lead)$40M$1BDarwinbox, an AI-powered human capital management (HCM) platform founded in 2015, secured a US$40 million investment on August 14, 2025, from Teachers’ Venture Growth (TVG), the late-stage venture arm of Ontario Teachers’ Pension Plan. This funding, structured through primary and secondary transactions, aims to accelerate North American expansion and agentic AI innovation, building on 3X year-on-year growth in the region since entry. The investment follows a US$140 million round in March 2025 co-led by Partners Group and KKR, bringing total 2025 funding to $180 million, with prior backing from Microsoft, Salesforce, Peak XV, Lightspeed, and TCV. Avendus Capital advised on the transaction. Darwinbox powers over 1,000 organizations globally, including EXL, Virtusa, Orion Innovation, Ephicacy, Apollo.io, Nivea, WeWork, Zara, Starbucks, and Adidas, serving more than 3 million employees across 11 offices in India, North America, Southeast Asia, and the Middle East. The platform offers an end-to-end HRMS suite with recent enhancements like multi-country payroll and generative AI features, positioning it against competitors such as Deel and Rippling in the HCM market. The company achieved unicorn status in 2022 with a $72 million Series D led by TCV at over $1 billion valuation and completed its third ESOP buyback of INR 86 crore in June 2025, benefiting over 350 employees. TVG's involvement adds expertise in scaling tech companies internationally, aligning with Darwinbox's global push into the US, Southeast Asia, and MENA. The pension fund's portfolio saw strong 2025 performance, with Darwinbox listed among recent investments alongside StackAdapt, Anthropic, Gusto, Grafana Labs, and Quantexa.
Mar 2025Series DKKR (lead); Partners Group (lead); Gravity Holdings$140M$950MDarwinbox is a global HR technology platform founded in 2015 that provides cloud-based human capital management (HCM) software to manage talent across the entire employee lifecycle. The mobile-first, AI-enabled platform serves over 3 million employees from more than 1,000 enterprises across 130 countries and has achieved significant international traction since entering North America two years prior to the March 2025 round. The company was rated #1 customers' choice on Gartner's Peer Insights with a 4.7 out of 5 score on the Gartner Magic Quadrant and boasts a 96% customer advocacy rate and 110% net revenue retention. In March 2025, Darwinbox secured a $140 million investment co-led by Partners Group and KKR, with additional participation from Gravity Holdings. The round comprised both primary and secondary components with a blended valuation of approximately $950 million. Darwinbox cofounder Chaitanya Peddi confirmed this was an up-round from the company's previous $1 billion+ valuation in 2022. The capital is earmarked for enhancing product development, advancing generative AI capabilities, and expanding global presence across Asia Pacific, the Middle East, the UK, and the US. Darwinbox demonstrated strong financial momentum heading into the round. In FY24 (ending March 2024), the company achieved a 58% year-over-year revenue increase, reaching Rs 392 crore. International markets have been a key growth driver, with the company achieving fivefold revenue growth in international markets over two years, accounting for over 60% of new revenue. Management targeted over 50% revenue growth in FY25 while maintaining focus on efficient and sustainable growth. The company invested heavily in R&D, including generative AI and a new digital payroll framework, which fueled product advancements and high customer retention metrics.
Jan 2023Series DState Bank of India (lead); Microsoft$5M$17MDarwinbox is a cloud-based human capital management platform that provides HR solutions including recruitment, onboarding, payroll, travel, and people analytics to enterprises globally. Founded in 2015 by Rohit Chennamaneni, Chaitanya Peddi, and Jayant Paleti, the platform serves over 700 organizations and 2 million employees across 90 countries, with operations in India, Southeast Asia, the Middle East, and the United States. In early 2023, Darwinbox closed an extended Series D funding round raising $5 million from State Bank of India, following a $4 million investment from Microsoft in November 2022. The SBI investment was structured as 14,523 Series D3 compulsory convertible preference shares at INR 28,105 per share. Including both the Microsoft and SBI investments and prior rounds, Darwinbox had raised over $115 million in total funding by early 2023. The company had achieved unicorn status in January 2022 after raising $72 million led by Technology Crossover Ventures at a valuation exceeding $1 billion. According to regulatory filings, Darwinbox posted revenue of Rs 53.3 crore in FY21, representing 93% growth year-over-year. The company reported losses of Rs 8.7 crore during the same period. The fresh capital was earmarked for capital expenditure, marketing, and general business operations as the company pursued international expansion and planned to list on public markets within three years.
Nov 2022Series DMicrosoft (lead)$4M$1BDarwinbox is a Hyderabad-based HR technology platform providing a cloud-based Human Capital Management (HCM) solution that covers the entire employee lifecycle with AI-powered technology and employee experiences. The company powers over 700 enterprises and 2 million employees globally, with its international headquarters in Singapore. In early 2022, Darwinbox raised $72 million in a Series D round led by Technology Crossover Ventures (TCV), with participation from Salesforce Ventures, Sequoia Capital India, Lightspeed India, Endiya Partners, 3One4 Capital, JGDEV, and SCB 10X, achieving a post-money valuation over $1 billion and unicorn status. Microsoft later extended this Series D round with an equity investment of around $4 million (Rs 32.6 crore) in January 2023, alongside a strategic partnership for product integrations, co-innovation, and go-to-market efforts using Microsoft Azure and Power BI. Near the round period, Darwinbox reported revenue of $6.5 million in FY 2020-21, with revenue doubling in 2021 and tripling in Southeast Asia, which accounted for 20% of overall revenue. The company aimed for $100 million ARR by 2025, accelerated by the Microsoft collaboration, and planned to expand teams by 100%, enter the US market, and enhance products through acquisitions.
Jan 2022Series DTCV (lead); Salesforce Ventures; SCB 10X; Endiya Partners; Sequoia Capital; Lightspeed India Partners; Peak XV Partners; JG Digital Equity Ventures; 3one4 Capital$82M$1BDarwinbox, founded in 2015 by Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni, is Asia's leading AI-powered HR technology platform providing a mobile-first Human Capital Management (HCM) solution. The platform manages the full employee lifecycle, including hiring, onboarding, attendance, workforce management, employee experience, compensation, benefits, and people analytics, while automating HR workflows and enabling data-driven decisions. Recognized as the youngest Asian-origin player on Gartner's Magic Quadrant for Cloud HCM and rated highest globally (4.8/5) on Gartner Peer Insights ahead of SAP, Oracle, and Workday. On January 25, 2022, Darwinbox raised $72 million in a Series C funding round led by TCV, with participation from existing investors including Salesforce Ventures, Sequoia India (now Peak XV Partners), Lightspeed India, Endiya Partners, 3one4 Capital, JG Digital Equity Ventures, and SCB 10X. The post-money valuation crossed $1 billion, achieving unicorn status and bringing total funding to over $110 million. The company had grown 200% since its prior raise from Salesforce Ventures 12 months earlier. Proceeds were allocated to accelerate global expansion into South Asia, SEA, MENA, and a US launch in 2022, alongside platform innovation, AI enhancements, and team growth by 100% through investments in product, engineering, and customer success teams. Darwinbox served over 1,000 organizations and 3 million employees, including Starbucks, Nivea, AXA, Cigna, WeWork, and T-Systems, with strong traction from innovative technology, market understanding, and intuitive user experience. Later data shows Rs 392 crore total revenue for FY 2023-24 (up 58% YoY), targeting 50% growth in FY 2024-25, and surpassing $100 million ARR by December 2025, with international markets driving growth and 110% Net Revenue Retention. Subsequent rounds included $140 million in March 2025 led by Partners Group and KKR at ~$950 million blended valuation, and $40 million in 2025 from Teachers' Venture Growth.
Jan 2021Series CSalesforce Ventures (lead); SCB 10X; Endiya Partners; TCV; Sequoia Capital; Lightspeed India Partners; Peak XV Partners; 3one4 Capital$17M-Darwinbox, an enterprise HR tech platform offering a cloud-based human resource management solution, raised $15 million in a Series C funding round on January 18, 2021, led by Salesforce Ventures with participation from Lightspeed India and Sequoia Capital India. The round brought the company's total funding to $35 million at that point. The platform covers the full employee lifecycle from hiring to retiring, including onboarding, performance tracking, attrition monitoring, and feedback. The investment aimed to support global expansion into markets like the Middle East, Africa, Southeast Asia, and potentially the US, leveraging Salesforce's expertise for scaling and joint market entry. Funds were allocated to accelerate new solution introductions, advance R&D for deep-technology capabilities, enhance mobile and web apps, and develop customer success playbooks following over 500 implementations. At the time, Darwinbox reported over 300% revenue growth since its September 2019 Series B round, client base expansion from 200 to 500, and more than 180 remote implementations during the pandemic lockdown. It positioned itself as a leader in India's HR tech and SaaS space, behind only SAP and Oracle in revenue.
Sep 2019Series BPeak XV Partners (lead); Endiya Partners; Lightspeed India Partners; 3one4 Capital$15M-Darwinbox is a Hyderabad-based HR technology platform founded in 2015 that helps organizations manage HR functions including hiring, onboarding, attendance, and employee management. Peak XV Partners first invested in Darwinbox in 2019. The company serves over 1,000 enterprises across 130 countries, with customers such as Starbucks, Nivea, Cigna, WeWork, and Crisil.
Jun 2017Series ALightspeed India Partners (lead); Endiya Partners; StartupXseed Ventures; Tracxn Labs; 3one4 Capital$4M-Darwinbox is a cloud-based HR tech startup providing Human Capital Management (HCM) software across the employee lifecycle. The company serves enterprises in sectors like tech, transportation, logistics, pharmaceuticals, banking, manufacturing, and retail. At that time, Darwinbox had around 50,000 employees on its platform.
Jul 2016SeedEndiya Partners (lead); StartupXseed Ventures; iLabs Capital; Tracxn Labs; 3one4 Capital$500K--

Who has invested in Darwinbox?

18 investors have backed Darwinbox across its funding rounds, including 3one4 Capital, Endiya Partners, Lightspeed India Partners, Peak XV Partners, Sequoia Capital and Salesforce Ventures.

Lead investors include Teachers’ Venture Growth, KKR, Partners Group, State Bank of India, Microsoft and 5 other investors.


Darwinbox Investors

Investors in Darwinbox by funding rounds participated
InvestorHQRoundsRoleFirst check
Endiya PartnersIndiaHyderabad5LeadJul 2016
3one4 CapitalIndiaIndia5ParticipantJul 2016
Lightspeed India PartnersIndiaNew Delhi4LeadJun 2017
Peak XV PartnersIndiaBangalore3LeadSep 2019
Salesforce VenturesUnited StatesSan Francisco, CA2LeadJan 2021
SCB 10XThailandBangkok2ParticipantJan 2021
MicrosoftUnited StatesSeattle, WA2LeadNov 2022
StartupXseed VenturesIndiaBangalore2ParticipantJul 2016
TCVUnited StatesSan Francisco, CA2LeadJan 2021
Tracxn LabsIndiaBangalore2ParticipantJul 2016
Sequoia CapitalUnited StatesSan Francisco, CA2ParticipantJan 2021
Teachers’ Venture GrowthCanadaToronto2LeadAug 2025
KKRUnited StatesNew York City, NY1LeadMar 2025

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Darwinbox Competitors

Darwinbox competitors include listed companies like Freee and ATOSS Software, and private ones like Assembled, Awardco, Beamery and Mesh++.

Public and private companies comparable to Darwinbox
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AssembledUnited StatesSan Francisco, CAPrivate--$1B-
AwardcoUnited StatesSalt Lake City, UTPrivate--$1B-
BeameryUnited KingdomLondonPrivate--$1B-
Mesh++United StatesSan Jose, CAPrivate--$1B-
FreeeJapanJapanPublicly listed$214M$6M$1.5B4.8x
ATOSS SoftwareGermanyGermanyPublicly listed$218M$84M$1.7B6.4x

Darwinbox Public Comps

Darwinbox is still privately-owned, but its public comps include Teamshares, Freee, Nordtech Group, ATOSS Software, AdvancedAdvT, Beisen Holding, Zaggle Prepaid Ocean, Asure Software, DHI Group and TON Strategy.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Teamshares$472M($23M)1.7x1.4x(35.0x)33.2x
Freee$214M$6M6.3x4.8x237.7x65.4x
Nordtech Group$72M$15M5.1x-25.2x-
ATOSS Software$218M$84M7.0x6.4x18.2x17.1x
AdvancedAdvT$72M$13M2.5x2.4x14.1x8.9x
Beisen Holding$165M$2M0.3x0.3x22.3x5.2x
Zaggle Prepaid Ocean$199M$20M1.0x1.0x10.4x10.7x
Asure Software$141M$20M2.1x1.9x15.2x8.0x

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Common questions about Darwinbox

When was Darwinbox founded?Darwinbox was founded in 2015.
Where is Darwinbox headquartered?Darwinbox is headquartered in Hyderabad, India.
Is Darwinbox publicly listed?No, Darwinbox is a private, VC-backed company.
What is Darwinbox's valuation?Darwinbox was last valued at $1B in its Series D in August 2025.
How much funding has Darwinbox raised?Darwinbox has raised $307M across 9 funding rounds.
What was Darwinbox's last funding round?Darwinbox's last funding round was a $40M Series D in August 2025, led by Teachers’ Venture Growth.
Who are Darwinbox's investors?Darwinbox's investors include Endiya Partners, 3one4 Capital, Lightspeed India Partners, Peak XV Partners, Salesforce Ventures, SCB 10X, Microsoft, StartupXseed Ventures, TCV, Tracxn Labs and 8 others.
What is Darwinbox's revenue?Darwinbox's latest recorded revenue is $42M (March 2025).
What is Darwinbox's revenue multiple?Darwinbox's latest valuation implies a 22.6x revenue multiple ($950M valuation on $42M of revenue).
Which companies are comparable to Darwinbox?Companies comparable to Darwinbox include Assembled, Awardco, Beamery, Mesh++, Freee and ATOSS Software.

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