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Asia Based Darwinbox Joins The Unicorn Club After Raising $72 Million

Established in India, now with its operational headquarters in Singapore, Darwinbox plans to launch in the United States this year as well.

Darwinbox, the leading name in cloud-based human resource management software across Asia, recently closed its funding round with a whopping $72 million raised. The round was led by TCV (Technology Crossover Ventures), and the funds raised now values Darwinbox at over $1 billion, making the start-up a part of the prestigious Unicorn club. 

TCV’s General Partner, Gopi Vaddi, stated that their aim has always been to support disruptive businesses. They had earlier funded ventures such as Netflix, Airbnb, Spotify, etc. Darwinbox is the perfect brand for them this year as the Indian Unicorn company now plans to develop an integrated HR ecosystem, stated Chaitanya Peddi, co-founder and product head of Darwinbox.

Last year, the brand raised $15 million led by Salesforce. But, now they have outdone themselves and will be concentrating on specific markets such as South & Southeast Asia, the Middle East, and North Africa. The company also plans to seriously ramp up its SaaS products.

Established in India, now with its operational headquarters in Singapore, Darwinbox plans to launch in the United States this year as well. To achieve this goal the company plans to grow its employee strength threefold. The brand currently holds 700 employees and will be adding over 100 new recruits in their Asia-based offices across Singapore, Bangkok, Kuala Lumpur, Manila, and Jakarta.

The explosive growth in HCM products led by SAP, Oracle, Workday, etc. led Darwinbox to identify the growing market in Asia and create products that would challenge the presence of these big-name brands. To ensure that they can compete in the global market and particularly the Asian market, Darwinbox has also been hiring key management roles. Recent additions include Shaswat Kumar as Senior Vice-president of Global Customer Success and Delivery and Juancho Jerusalem as Vice-president and Head of APJ Expansion. 

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