American cloud-based software company, Salesforce, has invested in Indian developer of HR software, Darwinbox. This is the first time Salesforce.com is investing in India.
Darwinbox, the Hyderabad-based startup has already managed to gather funds to the tune of $35 million from investors, such as Lightspeed India, Sequoia Capital and 3one4 Capital. The latest Series C round worth $15 million was led by Salesforce. This is Salesforce’s second investment in Asia after Japan.
Working specifically to create touchless attendance systems, Darwinbox provides hiring, onboarding and several employment-engagement tools to nearly 500 organisations, based in around 60 countries. This cloud-based HR technology platform in a SaaS model, was founded in 2015 by Chaitanya Peddi, Jayant Paleti and Rohit Chennamaneni. It automates employee lifecycle, taking care of recruitment, onboarding, attendance, expense management, payroll, employee engagement, performance management, as well as people analytics.
The newly acquired funding will be used to create new solutions and advance the startup’s R&D capabilities in deep technology. The Company saw a spike in demand and adoption during the pandemic, with more than 180 remote implementations being completed. Not surpringly, its revenue grew 200 per cent at a time when most organisations were struggling to stay afloat.
Some of the big names that are benefitting from its solutions include BigBasket, Swiggy, Nivea, Puma, TVS, the Adani Group, Bharti AXA, the Mahindra Group, and Dr. Reddy’s.