Darwinbox, a human resources software-as-a-service startup, has raised $4 million (about Rs 25 crore) in a series-A round of funding led by Lightspeed India Partners, the India-dedicated fund of California-based Lightspeed Venture Partners.
Some of the existing investors who participated in the round include Endiya Partners, Mohandas Pai’s 3one4 Capital and StartupXseed Ventures.
The company plans to use the newly raised funds product innovation and market expansion. Founded by Rohit Chennamaneni, Jayant Paleti and Chaitanya Peddi in August 2015, Darwinbox is a cloud-based integrated HR technology product that takes care of all HR needs across the employee cycle.
Lightspeed India fund’s portfolio includes names such as Byju’s and OYO, Lightspeed Venture Partners is known for its investment in enterprise cloud company Nutanix, which went for an IPO in September last year.
“Darwinbox is leading the charge in taking human capital management beyond the HR department to all employees with a highly user-friendly and configurable user experience,” said Dev Khare, partner at Lightspeed India Advisors Partners, who will join the company’s board. “At all sizes and in all industries, businesses succeed when their employees and managers are engaged for maximum productivity and potential. As a result, human capital management software is core to the success of every business,” he added.
Darwinbox has on-boarded approximately 40 clients in the past one year including names like Paytm, Nivea, Delhivery, Swiggy and Godrej’s CDPL (Creamline Dairy Products) with over 100,000 employees using its platform.
Darwinbox’s primary focus is mid and large enterprises in India and it expects to add another 100 clients in the next one year. “We want to expand to other markets in Asia and have a global footprint eventually,“ said Rohit Chennamaneni.