Tuesday, May 21, 2024

After achieving unicorn status, HR tech firm eyes expansion of PH team

Modern HR management software provider Darwinbox is looking into growing its local team in the Philippines right after a positive funding round led by Technology Crossover Ventures (TCV) at $1 billion valuation.

Darwinbox HRM Solution

After the firm’s last fund raise a year ago, Darwinbox reported a significant 300% growth in the Philippines. This performance is expected to reach further in 2022 due to the enhanced demand for digital tools in the workplace in the post-pandemic era.

This $72 million funding round brought Darwinbox to unicorn valuation and was joined by the company’s existing investors like Salesforce Ventures, Sequoia, Lightspeed,  SCB 10X, JG Digital Equity Ventures (JGDEV), Endiya Partners and 3One4Capital.

This new fund raise brings the total investment for Darwinbox to over $110 million. Since its inception in 2015, Darwinbox has catered to the HR needs of over 1.5 million employees across more than 650 enterprises.

Their customer base in the Philippines include the likes of JG Summit Holdings, Robinsons Bank, SPi Global, Shakey’s Pizza, NutriAsia, and Delbros Group. Some of the global brands are Nivea, Starbucks, Dominos, T-Systems, AXA, Tokio, and Cigna.

The cloud based Human Capital Management (HCM) platform of Darwinbox covers the entire employee lifecycle, can be tailor fit depending on the requirements of each individual customer, and consolidates all relevant processes under one roof – a unified platform that is also mobile-friendly.

Darwinbox co-founder Jayant Paleti noted that the successful funding round energized the firm in achieving its mission to build technology that empowers organizations to reach their highest potential in terms of human resource.  

“We have done this by building a product that puts employees squarely at the center and crafting meaningful experiences for them. This has especially found resonance in this rapidly evolving world of work over the last two years with companies having to rethink how they attract, manage and retain their talent,” he explained further.

Darwinbox currently delivers solutions on workforce management, talent acquisition, payroll, onboarding, analytics, and even rewards and recognition.

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