Darwinbox, a Hyderabad, India-based HR tech firm, raised around $4.9 million from the State Bank of India (SBI) in an extended Series D round.
The company’s board passed a special resolution to issue 14,523 Series D3 compulsory convertible preference shares at an issue price of Rs 28,085 per share to SBI, with the amount of the offer being nearly Rs 40.82 crore or around $4.9 million by way of the private placement and preferential allotment.
With the latest funding round, the software-as-a-service (SaaS) firm has raised over $115 million so far. It caters to over 700 enterprises in more than 90 countries. It mainly operates in the Asian markets currently and is looking to go public in about three years.
The company was looking to hire 500 more employees globally over the next year or so. It has close to 1,000 employees currently.
Company: Darwinbox Digital Solutions Pvt. Ltd.
Round: Series D Extension
Funding Month: January 2023
Lead Investors: State Bank of India (SBI)
Company Website: https://darwinbox.com/
Software Category: Human Resources Management Systems (HRMS)
About the Company: Founded in 2015 by Rohit Chennamaneni, Chaitanya Peddi, and Jayant Paleti, Darwinbox is a provider of cloud-based human resources management software (HRMS). Its SaaS platform engages and empowers employees across the entire lifecycle (hire-to-retire) with a smarter, simpler, and mobile-first HR tech experience powered by artificial intelligence (AI) and machine learning (ML). The company serves over 650 organizations and 1.5M employees across 90+ countries, including large conglomerates and fast-growing technology companies like Adani, Kopi Kenangan, MatchMove, Mahindra, Bank BTPN, TVS, Shakey’s, JSW, Bank Danamon, Nivea, Swiggy, Tokopedia, JG Summit Group, NutriAsia, Indorama, and more.