HR tech unicorn Darwinbox has rolled out a payroll platform with RIVeR (review, initiate, verify & e-approve, release & report) framework to facilitate 100% digital payroll processing
According to the company, this four-step approach aims to make payroll management fully online, accurate, user-friendly, and audit-ready
Founded in 2015, Darwinbox provides cloud-based HCM software and has been backed by investors including TCV, Microsoft, Salesforce Ventures, Peak XV, Lightspeed, and Endiya Partners
As a part of its move to further bolster technological innovations, HR tech unicorn DarwinBox
has rolled out a payroll platform with RIVeR (review, initiate, verify & e-approve, release & report) framework to facilitate 100% digital payroll processing.
According to the company, this four-step approach aims to make payroll management fully online, accurate, user-friendly, and audit-ready.
“By providing a single system, process, and dashboard, it aims to streamline and enhance the efficiency of global payroll processes across diverse geographies,” it said in a statement.
With this new offering, Darwinbox aims to redefine payroll management, providing a transformative solution that streamlines and enhances efficiency for organisations.
Existing payroll systems in India often suffer from fragmented processes, resulting in manual interventions, high error rates, increased audit risks, and time-consuming reconciliation. These issues escalate as businesses grow, particularly across multiple geographies and Darwinbox’s integrated payroll offering, built on its comprehensive HCM platform, aims to address these challenges.
The payroll solution features automated data flows from CoreHR and workforce management, ensuring precise payroll processing with minimal errors. It provides in-the-flow reconciliation and e-verification on a unified dashboard, eliminating the need for manual data extraction and simplifying approvals. Additionally, it includes controls and compliance features, such as detailed audit trails and stringent data control, enabling organisations to maintain high audit standards and avoid hidden costs, the statement added.
Chaitanya Peddi, cofounder, Darwinbox said, “The existing payroll systems in market needed an upgrade to meet the evolving needs of large enterprises, which still face complexity and leakages in managing payroll. With this latest innovation, organizations can now consolidate all payroll operations into a single system and dashboard, streamlining processes across geographies and involving all stakeholders.”
“This same framework will soon be extended to other regions across Southeast Asia
and the Middle East, where our customers operate,” he added.
The company currently serves over 900 clients in more than 130 countries, including notable names like Adani, MatchMove, and Mahindra. It has also extended its reach into key international markets such as the US and UK.
Founded in 2015, Darwinbox provides cloud-based HCM software and has been backed by investors including TCV, Microsoft, Salesforce Ventures, Peak XV, Lightspeed, and Endiya Partners.
Darwinbox achieved unicorn status in January 2022 after raising $72 Mn in a funding round led by Technology Crossover Ventures (TCV).
Meanwhile, the startup’s consolidated loss jump over 7.6X to INR 66.6 Cr in the financial year 2021-22 (FY22) from INR 8.7 Cr in the prior fiscal on the back of a sharp rise in employee benefit expenses.
Despite this, its operating revenue more than doubled to INR 116.7 Cr in FY22, compared to INR 50 Cr in FY21.
In the HR tech sector, the startup competes with the likes of Workday, Oracle Fusion, among others. A Fortune Business Insights report estimates the global HR tech sector to grow to more than $81.84 Bn by 2032, expanding at a CAGR of 9.2% between 2024 and 2032.
