Exclusive: Microsoft Backs Indian HRTech Unicorn Darwinbox

HR-tech unicorn startup Darwinbox has added an American multinational technology corporation company to its captable. Sequoia Capital-backed Darwinbox has secured $4 Mn (INR 32.5 Cr) from Microsoft Corporation.

In an extraordinary general meeting held on October 31, 2022, the Darwinbox shareholders passed a resolution to allot one equity share and over 11K Series D3 compulsory convertible preference shares to Microsoft Corporation.

The round seems to be an extended round of the startup’s Series D round which had helped it enter the unicorn club. 

Darwinbox had entered the unicorn club in January this year after raising $72 Mn at $1 Bn valuation. The funding round was led by Technology Crossover Ventures (TCV). Existing investors Salesforce Ventures, Sequoia India, Lightspeed India, Endiya Partners, 3one4Capital, JGDEV and SCB 10X also participated in the round.

Darwinbox to date has raised close to $110 Mn in multiple rounds.  

It has to be noted that earlier this year, Darwinbox had appointed Gautam Goenka to its executive leadership team. Goenka had joined Darwinbox after having worked for 10 years as Partner – Group Engineering Manager at Microsoft on the Edge browser team. 

Founded in 2015 by Chaitanya Peddi, Jayant Paleti and Rohit Chennamaneni, Darwinbox is a cloud-based HRtech startup that caters to companies’ HR needs across recruitment, onboarding, core transactions (leaves, attendance, directory), payroll, travel and people analytics among others.

Darwinbox serves enterprise customers across India, SEA, and MENA region and competes against the likes of Workday, SAP SuccessFactors, and Oracle Fusion, among others.

Update | 1st November, 7:45 PM

The story has been updated to remove the price at which shares has been allotted to Microsoft Corporation upon the request of Darwinbox.