SalesForce – Salesforce invests $15 million in HR tech platform Darwinbox
Salesforce Inc. has invested $15 million in Darwinbox, an enterprise human sources (HR) expertise platform, by way of its funding arm Salesforce Ventures. That is the primary funding by Salesforce in an Indian enterprise.
“Cloud adoption in Asia is rising at a monumental tempo and the pandemic has solely additional amplified the significance of going digital,” mentioned Alex Kayyal, accomplice and head, worldwide, Salesforce Ventures.
“Darwinbox is delivering innovation for Asia’s main enterprises and has emerged as a platform of alternative,” he mentioned.
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Darwinbox witnessed a surge in adoption in the course of the pandemic as organisations had to make sure enterprise continuity whereas managing and guaranteeing security of the distant workforce.
Based in 2015 by Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni, Darwinbox’s worker administration platform has seen excessive traction within the enterprise section. It competes with different established cloud platforms equivalent to SAP and Oracle.
“An increasing number of enterprises are abandoning legacy choices in favour of our fashionable, agile human capital administration platform that helps them keep forward of change,” Paleti mentioned. “We are going to work with Salesforce intently to maximise value for our prospects, proceed constructing out our product stack, and speed up international enlargement,” he mentioned.
Darwinbox had capital on its stability sheet and wasn’t actively searching for an investor, however the value that Salesforce provides to its journey is “monumental”, Paleti mentioned.
The newest funding spherical follows the corporate’s Sequence B spherical, raised in September 2019 and led by Sequoia Capital India with participation from current buyers Lightspeed India, Endiya Companions, and 3one4 Capital, bringing the whole funding within the firm to $35 million. Darwinbox’s revenues have grown greater than four-fold for the reason that final spherical of funding.
“Within the subsequent 1-2 years, we wish to construct an awesome product story from India, closely spend money on deep tech and product, and construct out knowledge analytics capabilities by leaning on Salesforce to truly maximise value for shoppers,” Paleti mentioned.
“India is residence to one of many world’s youngest inhabitants and, by 2050, it’s anticipated to account for greater than 18% of the worldwide working age inhabitants,” mentioned Arundhati Bhattacharya, chairperson and chief execuitve, Salesforce India. “This makes expertise platforms equivalent to Darwinbox, which concentrate on workforces, extremely essential,” she mentioned.