Stock - Jayant Paleti, Cofounder of Darwinbox
Jayant Paleti, Cofounder of Darwinbox, did not have to wait too long for his firm to break into the $1 billion valuation ranks. Image Credit: Supplied

Dubai: Another Indian tech company, Darwinbox, has hit the ‘unicorn’ status – of being valued at $1 billion plus – as it targets more growth from the Gulf and Middle East territory. It was last year that the HR tech platform launched operations in the UAE and started picking up some prestige clients.

Darwinbox, which is headquartered in the south Indian tech-city of Hyderabad, went past the $1 billion valuation after raising $72 million from a round led by US-based Technology Crosssover Ventures as well as existing investors such as Salesforce Ventures and Sequoia Capital.

“With this funding, Darwinbox will accelerate its expansion across the MENA region, aiming for a 400 per cent growth by the end of 2022,” said Jayant Paleti, co-founder.

What's the Darwinbox offering?
The HR tech platform caters to an organization’s HR needs across the entire employee lifecycle, including recruitment, onboarding, core transactions such as leave and attendance, payroll, travel and related expenses. It also tracks employee engagement, rewards and recognition and people analytics.

Darwinbox’s solutions include a Voicebot for HR, facial recognition-based touchless attendance, and “other features that are critical to manage the post-pandemic workplace”. It was a relative stroll for Darwinbox – co-founded by Chaitanya Peddi, Jayant Paleti and Rohit Chennamaneni – to break into the Unicorn ranks. Since its founding in 2015, the company has raised $110 million plus, and lists clients such as UAE retailer LuLu Group, Starbucks, Dubai logistics giant Aramex, fashion label Zara, and Mobily Infotech in the regional projects it has handled.

The company’s top-line has grown 200 per cent since the previous fundraising from Salesforces Ventures 12 months ago, during which period it added more than 700,000 users on the platform.

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Saudi base

Having launched its regional operations through an office in DIFC last year, the company will soon have a base in Saudi Arabia. Darwinbox will be launching its Arabic mobile app specifically tailored for MENA employees later this year.

"In continuation to our vision of building a product that prioritizes local compliance and context, significant focus has been directed towards product development tailored to the MENA region," said Peddi.