Darwinbox raises $140 million from Partners Group, KKR

Darwinbox has raised $140 million in a funding round co-led by Partners Group and KKR, the human resource (HR) technology platform said on Wednesday, as it plans speed up its international expansion.

Gravity Holdings also participated in the funding round.

Founded in 2015, Darwinbox provides an artificial intelligence (AI)-powered, mobile-first human capital management platform.

“This investment is a testament to Darwinbox’s strong fundamentals and the trust we have earned from our 1,000+ global customer base,” Jayant Paleti, co-founder of Darwinbox, said.

“By placing the employee experience front and center—and ensuring our platform is deeply configurable to diverse local needs—we have helped transform HR for enterprises globally,” Paleti said, adding that “with top-tier investors backing us, we’re poised to amplify our global momentum.”

Investments by Partners Group and KKR align with their broader strategies in the technology sector, a statement said.

Through its growth equity strategy, Partners Group has invested around $2.5 billion in growth-stage companies.

KKR’s investment is part of its Asia Next Generation Technology strategy, which supports disruptive firms across consumer technology, software, and fintech.

“Darwinbox has established itself as a leading player in the human capital management space in a short span of time through its focus on innovation and customer centricity,” Akshay Tanna, partner and head of India Private Equity at KKR, said.

“We are pleased to support Darwinbox in its next stage of growth and will look to draw from our global network and expertise to accelerate its international expansion ambitions,” Tanna said.

In the HR tech industry, bigger firms such as Deel and Rippling are reportedly valued between $12 billion and $13 billion.

While smaller in comparison, Darwinbox still competes with these well-known startups as well as large, established firms like SAP, Oracle, and Workday.

Darwinbox has expanded across multiple regions, including Asia Pacific, the Middle East, the UK, and the US.

Since its entry in North America two years ago, Darwinbox has seen significant growth, with more than 60% of its new revenue coming from international markets.

The company said it serves over three million employees from global brands such as Starbucks, Nivea, AXA, and Cigna.

It recently rolled out a multi-country payroll solution and enhanced AI-driven features to enhance HR management.

A report by Verified Market Research shows the global HR tech market was worth $23.32 billion in 2021, and is expected to grow to $38.36 billion by 2030 at an annual compound rate of 5.7%, the Financial Express reported.

Avendus Capital served as the financial advisor for the transaction.