Salesforce Ventures invests $15 mn in tech startup Darwinbox
By MYBRANDBOOK
Salesforce Ventures has made one of its first investments in India. It has led a funding round of about $15 million (Rs 109 crore) in Darwinbox.
This follows the company’s Series B round raised in September 2019 led by Sequoia Capital India with participation from existing investors Lightspeed India, Endiya Partners, and 3one4 Capital. The round brings the total investment in the firm to $35 million. The company revenues have grown by over 300 per cent since the last round of funding.
Alex Kayyal, Partner and Head of International, Salesforce Ventures, said, “Cloud adoption in Asia is growing at a monumental pace and the pandemic has only further amplified the importance of going digital. Darwinbox is delivering innovation for Asia’s leading enterprises and has emerged as a top platform of choice.”
Darwinbox’s HR technology powers more than 500 global enterprises with over 1 million employees spread across 60 countries. Founded by Chaitanya Peddi, Jayant Paleti and Rohit Chennamaneni - Darwinbox’s new-age, hire-to-retire human capital management (HCM) platform helps enterprises empower, engage and elevate the potential of their workforce.
A deep understanding of the Asian context, ease of use (with mobile centricity), high level of configurability and faster time-to-value are key reasons why the product has seen immense traction in the enterprise segment. It competes with large tech companies such as SAP, Oracle and other established vendors.
Jayant Paleti, Co-founder of Darwinbox, said, “Globally, more enterprises are abandoning legacy offerings in favour of our modern, agile HCM (human capital management) platform that helps them stay ahead of change” said. “We will work with Salesforce closely to maximize value to our customers, continue building out our product stack and accelerate global expansion.”
A massive surge in adoption during the pandemic has been witnessed by Darwinbox. Their integrated product suite also came equipped with solutions that turned out to be critical for the new mode of work. This includes features like touchless attendance, digital rewards, employee engagement, digital hiring and onboarding. It did over 180 implementations remotely just during the lockdown and witnessed a record high revenue growth of 200 per cent.
Arundhati Bhattacharya, Chairperson and CEO of Salesforce India said that India is home to one of the world’s youngest population, and by 2050, it is expected to account for over 18 per cent of the global working-age population. According to her this makes technology platforms like Darwinbox, that focuses on workforces, incredibly important.
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