SCB 10X doubles down on investment in Darwinbox, Asia’s leading HR tech platform, vaulting it to unicorn status | Techsauce

SCB 10X doubles down on investment in Darwinbox, Asia’s leading HR tech platform, vaulting it to unicorn status

Darwinbox, Asia’s fastest growing HR tech platform, marks another milestone with a $72MN funding round, leapfrogging to unicorn valuation. Led by Technology Crossover Ventures (TCV) along with participation from SCB 10X and other existing investors, Salesforce Ventures, Sequoia India, Lightspeed India, 3One4Capital, JGDev the series D round takes the total investment in the company to over $110Mn. Since the last fund raise from Salesforce Ventures 12 months ago, the company has grown 300% in the broader SEA region with their growth in Thailand in fact being higher.

Darwinbox, Asia’s fastest growing HR tech platform, marks another milestone with a $72MN funding round, leapfrogging to unicorn valuation. Led by Technology Crossover Ventures (TCV) along with participation from SCB 10X and other existing investors, Salesforce Ventures, Sequoia India, Lightspeed India, 3One4Capital, JGDev the series D round takes the total investment in the company to over $110Mn. Since the last fund raise from Salesforce Ventures 12 months ago, the company has grown 300% in the broader SEA region with their growth in Thailand in fact being higher.

Mukaya (Tai) Panich from SCB 10X, a leading investor in the region that has invested in Darwinbox around June 2021 and reinvested in current round, Series D, shares “Since we started our relationship with Darwinbox, they have demonstrated great traction, garnered a lot of customer love and have delivered exceptional outcomes and performance metrics. We are thrilled to be supporting them in their mission to enable enterprises become change-ready with technology, always”.

 Founded in late 2015, Darwinbox is a mobile-first and hire-to-retire HCM platform that helps enterprises engage and empower their most critical resource – Talent. The new age is platform powering digital HR for more than 1.5 million employees from 650+ enterprises across the globe. This includes leading global brands in the region (Starbucks, Dominos, Sephora, AXA, Tokio, Cigna) to large conglomerates (JG Summit Holdings, Indorama, and parts of Salim, Djarum and Century pacific groups) to 30+ unicorns across Asia (Tokopedia, Zalora, Zilingo, Carousell, Kopi Kenangan). In the country, Darwinbox already works with parts of SCB group, Harrow International School, Bitkub amongst others.

 Darwinbox currently stands as the youngest and the only Asian-origin player on Gartner’s Magic Quadrant for HCM serving 1000+ employee enterprises. It is also rated the highest (4.8) globally on Gartner’s customer reviews platform, Peer insights, racing ahead of global giants like SAP, Oracle, and Workday.

 "The future of work is rapidly evolving. Darwinbox’s demonstrated ability to build agile, innovative, and user-friendly solutions along with deep customer centricity has made them a platform of choice for several leading enterprises. We are excited to partner and support this passionate team in their journey to global HCM leadership.” added Jessica Neal, ex-CHRO Netflix and currently Venture Partner at TCV – a venture capital firm known for its investments in tech brands like Facebook, Spotify, Airbnb, GoDaddy, Netflix and Zillow. 

 “We are humbled to see substantial traction and love from our customers in Thailand. With high internet penetration and a young, tech-savvy workforce, Thailand is positioned to leverage and lead the digital adoption wave in the years to come. Our commitment to the geo is extremely high and with continued support from SCB 10X and TCV, we are excited about the impact that we can deliver for enterprises in Thailand. We continue to invest aggressively and grow our Bangkok office.” shared, Jayant Paleti, Co-founder, Darwinbox.

 The new funding will supercharge Darwinbox’s global expansion plan by allowing the company to accelerate its platform innovation agenda, strengthen its product, engineering, and customer success teams along with scaling their go-to-market presence in multiple geos. The company is set to triple their team within a year aiming to add more than 100+ colleagues in SEA across Singapore, Bangkok, Manila, Jakarta offices.  

 Expanding on the product investments, Chaitanya Peddi, the product head and cofounder of the company shares “Building for extraordinary agility and delivering stellar employee experience have been critical in defining success for Darwinbox’s customers. We will continue to invest in new and innovative tech stack to deliver a frictionless experience for the work-from-anywhere workforce.” 

 “In addition, this year, we will be bolstering our platform offering with a host of services and solutions that enterprises can plug and play to compose an extensible and integrated HR tech stack.”, he added. 

 2021 represents one of the most entropic and pivotal years in defining the future of work. Every organization in the world was tested on their ability to respond to and thrive in change. Extraordinary focus on enabling workforces to thrive in the uncertain reality, keeping them happy and productive, no matter where they were, stood out as a priority for every CXO.

 Darwinbox stood at the heart and center of this movement, enabling more than 650+ large enterprises to empower and engage their talent with its mobile-first hire-to-retire HR lifecycle platform providing Workforce & Talent Management, Employee Engagement, Compensation and Benefits, People Analytics, HR service delivery suites amongst other offerings.

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