TLDR: HR technology unicorn Darwinbox has successfully raised an additional $40 million in funding from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of the Ontario Teachers’ Pension Plan (OTPP). This investment, which brings Darwinbox’s total funding to $320 million, is earmarked to accelerate the company’s expansion in the North American market and to further its advancements in AI-powered human capital management solutions.
Hyderabad/San Francisco – Darwinbox, a rapidly growing HR technology unicorn, has announced a significant new funding injection of $40 million from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of the Ontario Teachers’ Pension Plan (OTPP). This strategic investment aims to bolster Darwinbox’s ambitious plans for global expansion, with a particular focus on solidifying its presence in the North American market, and to drive further innovation in its AI-powered human capital management (HCM) platform.
The latest funding round, which saw TVG acquire a stake in Darwinbox through a mix of primary and secondary transactions, elevates the company’s total capital raised to $320 million. This follows a substantial $140 million Series D funding round in March 2025, co-led by Partners Group and KKR, along with participation from Gravity Holdings. The company also recently announced an ESOP buyback plan worth $10 million, demonstrating its commitment to employee wealth creation.
Founded in 2015 by Jayant Paleti, Rohit Chennamaneni, and Chaitanya Peddi, Darwinbox has established itself as a leading cloud-based HR tech platform. It offers a comprehensive suite of solutions covering the entire employee lifecycle, including recruitment, payroll, employee engagement, talent management, and people analytics. The company achieved unicorn status in 2022 following a $72 million Series D funding round led by Technology Crossover Ventures (TCV).
A core focus for Darwinbox is its commitment to AI-first innovation. The company is actively developing ‘agentic AI capabilities’ and has become the first HCM platform to support the Model Context Protocol (MCP), enabling AI agents to securely interact with its system. Jayant Paleti, Co-Founder of Darwinbox, emphasized this vision, stating, ‘Darwinbox exists to change that story, building the next-gen HCM company, global by design, AI-first at the core, and relentlessly focused on customer outcomes.’
Since its entry into the North American market in 2022, Darwinbox has demonstrated impressive growth, tripling its business year-on-year in the region. Globally, Darwinbox powers HR technology for over 1,000 enterprises and 4 million employees across 130 countries. Its diverse client portfolio includes renowned global brands such as Starbucks, Nivea, AXA, Cigna, WeWork, Zara, Adidas, EXL, Virtusa, Orion Innovation, Ephicacy, Apollo.io, T-Systems, and Crisil.
Darius Vakil, a Director at TVG leading its India-based investment efforts, expressed confidence in the partnership, remarking, ‘We are pleased to partner with an exceptional team that has built and scaled Darwinbox into a leading HR technology company. With an easily customizable, AI-powered full-stack offering, and customer centricity at its core, Darwinbox continues to drive impressive adoption across large enterprises globally. We look forward to bringing our global network and expertise to support the company’s future growth.’
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In August 2024, the company elevated Vineet Singh, its Chief Technology Officer (CTO), to the position of co-founder. Darwinbox also partnered with Microsoft last year to integrate its HCM platform with Microsoft’s tools, further enhancing the employee experience. According to data intelligence platform TheKredible, Darwinbox reported a revenue from operations of Rs 392.95 crore in FY24, with a net loss of Rs 191.82 crore.
