Hyderabad-based software-as-a-service (SaaS) company Darwinbox has secured $40 million (around ₹350 crore) in funding from the Ontario Teachers’ Pension Plan (OTPP), the company announced on Thursday.
The investment, made through OTPP’s late-stage and growth arm Teachers’ Venture Growth (TVG), comprises both primary and secondary transactions at a blended valuation of about $1 billion. As part of the secondary sale, Peak XV Partners partially exited its stake in the firm.
Darwinbox said the fresh capital will support its global expansion—particularly in North America—to meet rising demand for modern alternatives to legacy HR software. Since entering the US market in 2022, the company has tripled its business year-on-year and has been increasing its focus there since last financial year.
Through TVG, OTPP has previously invested in Indian startups such as Mintifi, Perfios, and Xpressbees. Earlier in March, Darwinbox raised $140 million in a round that brought in private equity giants KKR and Partners Group, alongside partial stake sales by Lightspeed and early investors. Secondary transactions typically close at a 10–15% discount to the last primary valuation. Darwinbox was last valued at $1 billion in 2022, following a $72 million funding round led by Netflix-backer TCV.
For Peak XV Partners, which first invested in 2019, this funding round marks a tenfold return on its initial investment.
Founded in 2015, Darwinbox provides cloud-based HR management solutions for large enterprises, covering processes such as hiring, onboarding, attendance tracking, and employee lifecycle management. It serves over 1,000 enterprises across 130 countries, with clients including Starbucks, Nivea, Cigna, WeWork, and Crisil.
In FY 2023–24, Darwinbox reported a 58% year-on-year revenue increase to ₹392 crore. The company aims to achieve 50% revenue growth in 2024–25 as it continues expanding in regions including Asia-Pacific, West Asia, the UK, and the US.
