Darwinbox – Company Profile

Darwinbox is a leading provider of enterprise HR software and solutions. With Darwinbox, enterprises can automate all their HR related processes such as core HR, employee helpdesk, time & attendance, performance management, payroll processing and employee engagement. Darwinbox has dedicated platforms for enterprises such as HRMS suite, workforce management suite, remote work suite, talent management suite, etc. The company uses advanced tech such as artificial intelligence (AI), facial recognition, voice bots and optical character recognition to make its products highly accurate and efficient.

History

The idea for Darwinbox came to the founders when they noticed that enterprise software space was almost entirely controlled by tech giants such as Oracle and SAP. While it seemed like a crazy idea to take on the giants head-on, the founders had made up their mind about what they wanted to do. Even the notion that balance sheet of these companies matched that of several African countries did not deter the founders from pursuing their dreams.

However, David and Goliath story is never so easy in real life. Initially, Darwinbox had to face stiff resistance from enterprises. It was hard for them to believe that a startup could match the level of services provided by companies like SAP and Oracle. Moreover, many businesses were concerned about what would happen if the startup shuts down. For enterprise software, organizations usually look for experience, credibility and stability. Darwinbox did not have these at that time.

Then came the saviors in the form of ecommerce startups, who did not mind hiring another startup. Moreover, companies like SAP and Oracle were not particularly targeting startups. This worked to the advantage of Darwinbox. True to its name, Darwinbox survived due to its ability to adapt. As the internet startups grew in size, Darwinbox continued to grow with them.

Darwinbox currently serves more than 700 enterprises and has operations across more than 90 countries. Some key clients include Tata, Mahindra, Kirloskar, L&T Metro Rail, Adani Wilmar, JSW, Vedanta, Dhani, Crisil, SBI General, Bharti AXA, Kotak Life Insurance, Glenmark, Big Basket, Swiggy, Paytm, Cred and DLF.

Funding

Darwinbox has received investments worth $ 107 million via seven rounds of funding. Some key investors include TCV, Salesforce Ventures, Sequoia Capital, Lightspeed Venture Partners, Endiya and 3one4 Capital. In January 2022, Darwinbox raised funds worth $72 million. The company’s valuation increased to more than $1 billion, thereby entering the coveted unicorn club.

Acquisitions

Darwinbox has not made any acquisitions in recent times.

Competitors

Darwinbox competes with rivals such as greytHR, Keka and PeopleStrong.

About the founders

Darwinbox was founded by Jayant Paleti, Chaitanya Peddi and Rohit Chennamaneni. Jayant is an alumnus of IIT Madras and IIM Lucknow. He had earlier worked with companies like Modelytics, Deloitte and EY.

Co-founder Chaitanya currently serves as the Product Head at Darwinbox. He is an alumnus of XLRI Jamshedpur. He had earlier worked with Verizon Communications and Ernst & Young. Co-founder Rohit is an alumnus of IIM Lucknow. He had earlier worked with Google, Procter and Gamble and McKinsey & Company.