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HR Tech Platform Darwinbox Raises $5 Mn In Funding From SBI

Darwinbox, a Hyderabad-based HR tech platform, has raised $5 million in an extension of a Series D round from the State Bank of India (SBI).

First reported by Entrackr, the board at Darwinbox has passed a special resolution to issue 14,523 Series D3 compulsory convertible preference shares (CCPS). As per regulatory filing with the Registrar of Companies (RoC), the startup has issued the shares at an issue price of Rs 28,105 per share to State Bank of India (SBI) in a consideration of Rs 40.82 crore or around $5 million, 

As per the startup, the raised funds will be used for capital expenditure, marketing, and general corporate purposes.

Darwinbox | End-to-end Agile HRMS Suite

Founded by Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni in 2015, Darwinbox is a cloud-based Human Resources Management Software (HRMS). 

The SaaS platform engages and empowers employees across the entire lifecycle (hire-to-retire) with a smarter, simpler & mobile-first HR Tech experience powered by Artificial Intelligence (AI) and Machine Learning (ML). 

Its cloud-based integrated HR technology product covers recruitment, payroll, employee engagement, talent management, and people analytics across the employee life cycle.

Co-founders of Darwinbox

The Hyderabad-based HR tech platform claims to be the third-largest SaaS-based HRtech firm after SAP and Oracle. As per data from their website, Darwinbox has serviced over 2 million employees across 700 plus organizations and 90 countries, including large conglomerates and fast-growing technology like Adani, Kopi Kenangan, MatchMove, Mahindra, JSW, Bank Danamon, Nivea, Swiggy, Bank BTPN, TVS, Shakey’s, Tokopedia, JG Summit Group, NutriAsia, Indorama and more. 

In November 2022, Rohit Chennamaneni stated that Darwinbox might go for an Initial Public Offering in the next three years. This is Darwinbox’s first fundraise in 2023. Last year in November, Darwinbox raised around $4 million from Microsoft Corporation.

As per Fintrackr’s estimates, the Hyderabad-based HR tech platform has raised fresh funds at a flat valuation of a little over a billion dollars. In total, Darwinbox has raised over $115 million to date.

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