Archive — US — techcrunch
Darwinbox, the HR upstart from India, raises $140M to take on Deel and Rippling
Darwinbox, an Indian HR SaaS startup, raised $140 million to compete against firms like Deel and Rippling, with plans for international expansion, especially in the U.S. Co-led by KKR and Partners Group, this funding brings its total to $270 million. Darwinbox targets mid-market companies, with 60% of revenue from outside India, while continuing to innovate within the HR tech space.
Key points
- Darwinbox has raised $140 million led by KKR and Partners Group.
- The funding is a mix of primary and secondary sales; Darwinbox has raised $270 million in total.
- With a valuation around $950 million, Darwinbox also targets the lucrative U.S. market, where it has over 1,000 enterprise customers.
- Its revenue is 60% from outside India, indicating significant international growth.
- The startup aims to replace legacy HR systems with an all-in-one platform for hiring, onboarding, and administration.
Why it matters
- The rise of Darwinbox reflects the growing trend of SaaS startups emerging from India and Southeast Asia, part of the 'SaaS-ification of Asia.'
- The startup's success in the competitive U.S. HR tech landscape highlights opportunities for Asian tech companies to expand abroad.
- This funding round signifies investor confidence in tech innovation in regions traditionally viewed as solely e-commerce markets, marking a shift in venture capital focus.
With its substantial funding and broad vision, Darwinbox is poised to disrupt the HR tech industry, leveraging its growing international presence and innovative platform to challenge established players in the market.