SalesForce – Salesforce Ventures leads funding spherical of $15 mn in tech startup Darwinbox
Salesforce Ventures, the funding arm of buyer relationship big Salesforce, has made certainly one of its first investments in India. It has led a funding spherical of about $15 million (Rs 109 crore) in Darwinbox, a human assets know-how platform.
This follows the Hyderabad-based firm’s Sequence B spherical raised in September 2019 led by Sequoia Capital India with participation from present traders Lightspeed India, Endiya Companions, and 3one4 Capital. The spherical brings the whole funding within the agency to $35 million. The corporate revenues have grown by over 300 per cent because the final spherical of funding.
“Cloud adoption in Asia is growing at a monumental pace and the pandemic has only further amplified the importance of going digital,” stated Alex Kayyal, accomplice and head of Worldwide, Salesforce Ventures. “Darwinbox is delivering innovation for Asia’s leading enterprises and has emerged as a top platform of choice.”
Darwinbox’s HR know-how powers greater than 500 world enterprises with over 1 million workers unfold throughout 60 international locations. Based by Chaitanya Peddi, Jayant Paleti and Rohit Chennamaneni – Darwinbox’s new-age, hire-to-retire human capital administration (HCM) platform helps enterprises empower, have interaction and elevate the potential of their workforce.
A deep understanding of the Asian context, ease of use (with cellular centricity), excessive degree of configurability and quicker time-to-value are key the explanation why the product has seen immense traction within the enterprise phase. It competes with massive tech corporations similar to SAP, Oracle and different established distributors.
Globally, extra enterprises are abandoning legacy choices in favour of our fashionable, agile HCM (human capital administration) platform that helps them keep forward of change” stated Jayant Paleti, co-founder of Darwinbox. “We’ll work with Salesforce intently to maximise value to our prospects, proceed constructing out our product stack and speed up world growth.”
A few of their notable prospects vary from Asia’s largest conglomerates to fast-growing know-how unicorns together with Adani, Mahindra and Kotak. The opposite prospects embrace TVS, Arvind, NSE, Nivea, Puma, Swiggy and Bigbasket. It might use the funds to speed up digital HR adoption and deepen product providing.
“We will leverage the new investment to speed the introduction of exciting new solutions and advance R&D to deploy deep-technology capabilities,” stated Chaitanya Peddi, co-founder, Darwinbox.
Darwinbox witnessed a large surge in adoption in the course of the pandemic. Their built-in product suite additionally got here outfitted with options that turned out to be important for the brand new mode of labor. This contains options like touchless attendance, digital rewards, worker engagement, digital hiring and onboarding. It did over 180 implementations remotely simply in the course of the lockdown and witnessed a report excessive income progress of 200 per cent.
Arundhati Bhattacharya, chairperson and CEO of Salesforce India stated that India is house to one of many world’s youngest inhabitants, and by 2050, it’s anticipated to account for over 18 per cent of the worldwide working-age inhabitants.
“This makes technology platforms like Darwinbox, that focuses on workforces, incredibly important,” stated Bhattacharya.