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Hyderabad-Based Darwinbox Raises $5 Million From SBI: Report

Hyderabad-Based Darwinbox Raises $5 Million From SBI: Report
POSTED ON January 07, 2023 5:48 PM

Hyderabad-based HR tech company Darwinbox raised $5 million in funding in an extension of a Series D investment round led by the State Bank of India (SBI). This has been the first fundraising round of the company in this new year, Entrackr reported.

The administrative board passed a special resolution to issue 14,523 Series D3 compulsory convertible preference shares at an issue price of Rs 28,105 to raise the entire amount, the RoC ( registrar of companies) filings revealed. 

The company will utilise the funds for marketing purposes. Additionally, it will spend money on other corporate initiatives. It is also willing to hire 500 employees globally to strengthen the company structure. 

Prior to this, the company raised $4 million from Microsoft Corporation in November 2022. It also bagged a $72 million investment in its Series D funding round in January 2022. 

Till date, it has raised $115 million in funding.

Founded in 2015 by Chaitanya Peddi, Jayant Paleti, and Rohit Chennamanen, the company is known for offering human resources ( HR) services to its consumers. The software-as-a-service (SaaS) platform claimed to serve more than two million workers from 700 organisations. 

In the financial year (FY) 2021, the company registered 93 per cent growth in its operating revenue to Rs 53.3 crore compared to its previous financial year. It also witnessed its losses surge by 36 per cent to Rs 8.7 crore in the same financial year. 

According to multiple media reports, the company is planning to go public within three years. 

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