HR tech platform Darwinbox has raised $5 million in an extension of a Series D round from the State Bank of India (SBI). This is the first fundraised for the Hyderabad-based company in 2023. Darwinbox raised around $4 million from Microsoft Corporation in November 2022.
The board at Darwinbox has passed a special resolution to issue 14,523 Series D3 compulsory convertible preference shares (CCPS) 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, the company’s regulatory filing with the Registrar of Companies (RoC) shows.
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The company will utilize the proceeds for capital expenditure, marketing, and general corporate purposes, it added in the filing.
As per MarketMoney’s estimates, the company has raised fresh funds at a flat valuation of a little over a billion dollars. The company has raised over $115 million to date including $72 million in its Series D round in January 2022.
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Darwinbox
Founded in 2015 by Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni, Darwinbox is a cloud-based integrated HR technology product that covers recruitment, payroll, employee engagement, talent management, and people analytics across the employee life cycle.
The company claims to be the third-largest SaaS-based HRtech firm after SAP and Oracle. According to its website, the platform has serviced over 2 million employees across 700 plus organizations and 90 countries.
While Darwinbox is yet to disclose its financials for FY22, it registered 93% growth in its revenue from operations to Rs 53.3 crore in FY21. As per the annual financial statement with the RoC, the company’s losses surged around 36% to Rs 8.7 crore during the same period.
As per a media report, Darwinbox is planning to onboard 500 more people for its various offices globally within a year and is likely to go public in the next three years.